Edinburgh-based Shot Scope Technologies has raised £1.6m, bringing its total raised to date to £4.5m.
The firm, which creates a performance-tracking watch for golfers, received funds from high-net-worth individuals, Scottish Investment Bank, Equity Gap and Old College Capital – the investment fund of University of Edinburgh.
Founder and CEO David Hunter said: “This investment enables us to scale up manufacturing, scale up marketing and scale up sales.”
This funding round is the company’s third, following a £1.6m round in 2016 and a £400,000 fundraise in 2015.
Shot Scope Technologies has also received £1m in government grants.
Among the Shot Scope board are chairman Ken Lewandowski, a technology and manufacturing chief executive; Dr Bill Buckie, well known figure in the Scottish startup scene; successful technology entrepreneur Ian Ritchie; and Rob Jones, co-founder of Fan Duel, the billion-dollar fantasy sports game launched in Edinburgh, who joined Shot Scope’s board in September.
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Speaking about the future, Hunter added: “The US is by far our biggest opportunity.
“There are 30 million golfers in the US, and nearly 5 million in our target market. The product meets the needs of the golf market, the tech is revolutionary, the apps provide golfers with an amazing way to experience their golf game and we’re constantly improving the technology. This is an exciting time.”
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