Edinburgh golf gear developer tees up global growth with £1.5m funding deal
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Virgin Money has partnered with capital firm Shot Scope, providing a funding deal to help it scale globally.
Shot Scope provides wearable, global positioning, laser and shot tracking devices designed to aid decision making and improve golf performance.
Over the last six years, the firm has grown to a team of 20 based in the company’s head office and raised in excess of £7m investment through key shareholders, which include Old College Capital, the University of Edinburgh’s in-house venture investment fund.
Now a leader in the UK market, the business has an ambitious plan to scale globally through 2022-23, initially targeting the US where it already has a commercial presence through trusted golf retailers.
Finance director Dean Anderson said: “In Virgin Money, Shot Scope has found a partner that is supportive and aligned with the company’s vision for international growth. The funding package and support they have provided, combined with ongoing support from shareholders is key to global expansion of the company 2022-23.”
Shot Scope was founded in 2014 by its chief executive David Hunter, a former electronics design engineer and secondary school teacher, who invented the product at home in his spare time.
Usman Ali, senior director from Virgin Money’s growth finance team, added: “Shot Scope is one of the leading technology businesses within the golf market and they have seen significant growth over the last 12 months.”