Edinburgh-based tech business Skoogmusic has announced its largest funding round to date, with £560,000 secured from the Scottish Investment Bank - the investment arm of Scottish Enterprise, Old College Capital, and a number of private investors.
The inventors of the Skoog, the interactive cube for children to learn, explore and have fun making music, will use the investment to fund an international sales and marketing drive following deals with distribution partners in Europe and the US.
As the company scales up its operation, company co-founder Ben Schogler will step into the role of Skoogmusic CEO with tech industry stalwart Andy Gordon established as Chairman. One of the round’s investors, seasoned private equity investor Paul Murray, will join the company as a non-executive director.
The eight year old business also plans to extend the Skoog product family, developing and launching new entry level hardware next year so that more people can access Skoogmusic technology. The company will continue to develop its apps across coding, sampling and creative music making, translating them into eight languages for international markets.
The new investment means that Skoogmusic has raised a total of £2m to date. The business has also been successful on crowdfunding site Indiegogo, where it raised over £50k in presales for Skoog 2.0.
Dr Benjaman Schögler commented: “This is another hugely exciting step for Skoog. The investment enables us to work with Apple and partners like Ingram Micro and TechData to reach more children in more countries around the world. It’s not what you play that’s important but it is crucial that you do play. And this investment means more play and more music for everyone."
Kerry Sharp, director of the Scottish Investment Bank added: “It’s great to see the Skoog product being sold internationally and being recognised as a truly innovative musical instrument. This is a key sector for the Scottish economy and we look forward to helping the company achieve its growth ambitions.”
Andrea Young, fund manager at Old College Capital, the in-house venture capital fund of the University of Edinburgh, said: “We are very proud to support the ongoing global success of Skoogmusic, a business that was founded and nurtured in its early days, right here at the University of Edinburgh. We wish the team and their pioneering product every success for this exciting next phase of the journey.”