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Leeds smart home company launches seven-figure crowdfunding campaign

A Leeds-based smart home security company is looking to raise £1.5m on crowdfunding platform, Crowdcube, after securing a £1m commitment from the venture capital arm of Aviva.

Cocoon Alarm Ltd has said it is launching its £2.5m funding drive to help grow its smart technology range and to grow its market share both here in the UK and in the US.

The Leeds firm has developed a security system which allows homeowners to secure their homes using a single device, including technology which automatically arms when they leave the house and sensor technology which can detect sound and movement in any room.

Despite only officially launching its security products in September last year, the startup has already clocked up sales of over 1,500 units and is eyeing turnover of £1.96m this year.

Commenting on the new funding drive, Sanjay Parekh, Cocoon’s Co-Founder, said: “Since receiving the investment in 2015 from Aviva Ventures and Breed Reply Investments, we have developed our innovative Subsound® technology and established the business as a leader in its field.

“The majority of UK homes are not protected from burglary and I believe that we are ideally placed to grow and meet the need for an easily installed device for the home.

“We are excited about this latest round of fundraising and believe that, with the market for smart home technology expected to be worth over £38.5bn by 2020, we are in a strong position.”

The crowdfunding campaign is the second major funding round in Cocoon Alarm Ltd after it raised £2.4m seed investment from Aviva Ventures and Breed Reply Investments back in 2015.

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