London sleep coaching tech firm secures £430k loan to drive growth
A London digital health tech company has announced that it has secured a £430k loan to help drive its next phase of growth.
Kokoon, which specialises in sleep-focused audio coaching, has secured the loan from the Greater London Investment Fund (GLIF).
The loan will support the company through the challenges posed by the pandemic, allowing it to create 5 new jobs and develop new products.
Tim Antos, co-founder and CEO of Kokoon, commented: “Richard and I wanted to create a product which would help democratise sleep science.
“Nearly 2/3 of the population are reporting poor sleep and it’s become an issue for nearly 1/3 of the population yet very few of us can justify a visit to the sleep clinic.
“We wanted to make the established science and techniques of the sleep clinic more accessible and convenient to all.
“This growth loan will allow us to recruit 5 new employees in the early part of 2021 whilst the CBILS element allows us to retain existing staff to continue working from home fulfilling current sales orders.
“There will also be a strong focus on new product development. As well as the widely available original Kokoon over ear headphones, our in-ear bud product is on pre-order and we wish to further promote this whilst continuing to develop our product offering.”
Paul Shadbolt, senior fund manager for The FSE Group, which manages the £55m GLIF debt fund on behalf of Funding London, said: “GLIF supports innovative high growth businesses in Greater London.
“We were impressed by Kokoon’s products which have demonstrated commercial traction which are key attributes for commercial success.
“We are pleased to be supporting them through the opportunities and challenges of the pandemic and into their next phase of growth.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.