Cocoon, a London and Leeds, UK-based maker of a smart home security system, raised £2.46m in equity crowdfunding.
The company conducted the campaign on Crowdcube, receiving backing from 1,117 investors and reaching a $15m valuation.
The company intends to use the funds to continue to expand operations, growing its retail distribution, insurance partnerships and continue to improve the product offering.
Led by Sanjay Parekh, Dan Conlon, Colin Richardson, Nick Gregory and John Berthels, Cocoon provides a smart home security product that covers every room by leveraging Subsound® technology, with no wires, extra sensors and other hassles required.
The users just plug thier Cocoon and the app guides them through the steps to get everything up and running. It automatically arms when people leave the house in the morning and stands down when they get back. Over time, Cocoon learns the sounds of home and notifies users only when it hears something out of the ordinary.
The company currently employs approx. 30 people.