Smart Alarm company Cocoon has appointed a new Chairman and launched a Crowfunding campaign on Crowdcube to raise a further £2.5 million.
Robin Terrell, former CCO of Tesco, MD of Amazon.co.uk and MD of John Lewis Direct has been appointed as Chairman to help support our growth in retail and partnerships. He currently serves on the board of William Hill, Karen Millen and Wilko, and brings a wealth of retail experience to support the Cocoon senior team.
In addition, the company has launched a crowdfunding campaign on the Crowdcube platform to raise a further £2.5 million to support its next phase of growth.
The current funding round follows previous rounds of $250K Indiegogo campaign in December 2014 plus a further £2.4m in strategic investment from Aviva Ventures and Reply Group in 2015 to take Cocoon from a concept to market.
Since launching commercially in Sept 2016 the company has grown monthly sales consecutively – forecasting more than 25% growth in Jan 2017 vs Dec 2016 unit sales and the company is currently in discussions with a major UK corporate for national distribution of the product.
The £2.5 million of investment raised will be used to improve production and to expand business development to focus on UK / US retail distribution and partnership sales.