Funding for technology firm
Skoogmusic raises funds for global drive
Educational toy developer Skoogmusic has secured £560,000 from the Scottish Investment Bank, Old College Capital, and a number of private investors.
The inventors of the Skoog, an 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 two new global distribution partners: Tech Data in Europe and Ingram Micro in the US.
As the Edinburgh-based company scales up its operation, company co-founder Ben Schogler will step into the role of Skoogmusic CEO with tech industry stalwart Andy Gordon 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 £2 million to date. The business has also been successful on the pioneering tech crowdfunding site Indiegogo, where it raised over £50,000 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.”