Cocona secures fresh investment from Asia
27/06/2017
US media reports at the start of June had suggested that the amount was $3.75 million, but Mr Bowman has told sportstextiles that this will become $5 million once $1.25 million from a Chinese strategic investor is added. The rest of the investment is coming from two Taiwan-based strategic investors.
He explained that the investment was sought as it was felt the company needed a little more capital to help in key areas. Part of the $5 million raised will be invested in consumer marketing for its 37.5 cooling technology. The rest will go towards research and development; Mr Bowman said this will include the recruitment of new staff and the funding of further research studies.
Mr Bowman revealed that the company is expecting no more investment of this kind in the near future as it has plenty of capital for long-term development.
Discussing the decision to rename its proprietary technology from Cocona to 37.5, Mr Bowman explained that research found the Cocona brand name did not resonate with the consumer and that it didn’t provide the right brand image. He admitted that the change of name was not ideal, but said the company felt it was a necessary decision.
He also told sportstextiles that Cocona is keen on building more partnerships with footwear brands. In February, it announced that its 37.5 technology would be incorporated into a range of men’s and women’s shoes from fashion brand Kenneth Cole. “This is absolutely an area where we can add value,” Mr Bowman said.
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