Feonic is seeking to raise £700,000 in this Enterprise Investment Scheme (EIS) eligible round, at a pre-money valuation of £1.4 million. VentureFounders launches this investment opportunity with over £320,000 of commitment already secured from a number of investors, including existing shareholders, with good indicators of interest in supporting the remaining £380,000 of the raise.
Feonic products deliver high quality audio in applications where traditional speakers fail. The business has over 12 years’ experience in this technology market and has pioneered the development of invisible speaker technology for commercial use. Its proprietary and patented technology harnesses micro vibrations to turn surfaces such as windows, wall, ceilings and digital signage panels into high quality, powerful speakers. Feonic has already delivered its products into high profile projects with top retail brands such as Selfridges, John Lewis and Marks & Spencer.
With a significantly strengthened its management team, Feonic can now drive its new sales focused strategy. As part of this commercialisation strategy the company is exploring opportunities to extend the use of its technology to other sectors including the property and hotel markets and the energy-harvesting market.
Eva Weber, Investment Director at VentureFounders said:
“With a strengthened management team driving its sales focused strategy, Feonic is now in a unique position to commercialise its IP and expand its reach in large target markets which want to add audio into applications which have not previously been able to benefit from this important value-add.”
Simon Woodward, chief executive, Feonic, added:
“Feonic has an established range of products proven to be highly attractive to the market and we are looking to use the proceeds of this fund raising to increase our sales and marketing capabilities, as well as funding our working capital requirements. Our Whispering Window® product already enables retailers and digital signage operators to deliver high quality audio advertising messages to passing shoppers directly from their store windows and signs. The product has a track record of increasing shopper engagement, increasing footfall and substantially increasing sales with many leading international retail brands, which combined we believe create a compelling investment.”
Further information on the investment opportunity in Feonic is available via: www.venturefounders.com