Leeds home security startup secures £2m seed investment

Leeds-based smart home security company, Cocoon Alarm Ltd, has secured a £2m seed investment from Aviva Ventures and Breed Reply Investments, following on from an original investment by Breed in February 2015.

Cocoon’s technology, which provides home security from one device without the need for additional sensors, uses Subsound™ technology to detect subtle sounds and vibrations from activity in any room and on any floor.

Earlier this month, Aviva launched a new scheme designed to invest in digital start-ups. Cocoon is the first firm to be targeted by the fund and the injection of cash will be used to develop the device and enable Cocoon to build on its growth during the last year.

Sanjay Parekh Cocoon Co-Founder said: “This significant investment will help us deliver our innovative Subsound™ technology and the first stage of our operational plan, complementing the support our Indiegogo backers have shown throughout the process of bringing Cocoon to life. We’re already putting the funding to good use, aggressively expanding our engineering teams, marketing plan, and ensuring that we have sufficient capital to launch successfully in the first half of 2016.”

Ben Luckett, managing director Aviva Ventures, added: “Aviva Ventures aims to invest in the best new technology and digital businesses around, so it’s highly appropriate that our first investment is with Cocoon. It is an exciting new business which combines a unique product, pioneering technology and a strong management team in a home security sector which is set for significant growth.”

Emanuele Angelidis, CEO of Breed Reply, also commented: “At Breed Reply we are very pleased with the progress the company has achieved so far and we are also delighted to welcome a company of Aviva’s stature to this exciting opportunity. We have been working with Cocoon since February 2015 and believe this additional investment will spur them to disrupt the home security market.”

Andrea Cropley and Michael Hall from the Sheffield office of law firm Irwin Mitchell advised Cocoon on both the original Breed investment and this additional investment.

Andrea Cropley from the firm’s Corporate team concluded: “Cocoon is a superb example of an early stage company with a really exciting product and a strong management team which has made them so attractive to investment. This latest investment is another important milestone in the company’s journey and I am delighted to have played a role in the deal.”

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