Edinburgh-based golf technology firm Shot Scope has raised $8.5 million in a Series B funding round led by Guinness Ventures, which invested $4 million.
Through the investment, Shot Scope will bring its subscription-free, game-enhancing technology such as GPS wearables, laser rangefinders, and shot tracking devices to golfers around the globe, offering more in-depth performance analytics.
The funding round also included investment from key participants Scottish Enterprise, Growthdeck, The SideBySide Partnership, and Edinburgh based Equity Gap, while Virgin Money provided $1.9 million of debt finance as part of the funding round.
Accompanied by its mobile app and web dashboard, Shot Scope provides golfers with tools to enable them to have a more engaging experience when they play and the ability to improve their skills.
Shot Scope CEO David Hunter said: “This investment accelerates our mission to deliver game improvement technology to 60 million golfers around the world.
“Throughout 2024 we plan to invest in infrastructure across the USA to support our retail and distribution partners. Golfers globally love our GPS, rangefinder and shot tracking technology, having sold products in 160 different countries worldwide in 2023.
“Golf has experienced a huge change in the past 5 years, people of all ages and demographics love the sport. With Shot Scope golfers can improve quickly and enjoy the game they love even more.”
Adam Barker, Guinness Ventures, added: “Shot Scope’s innovative product and software suite is meeting strong market demand, positioning the company for significant expansion both domestically and internationally. As lead investor, we are thrilled to further support Shot Scope at this inflection point and to continue being a part of its exciting growth journey”.
As part of its expansion, Shot Scope is relocating to a new headquarters on the outskirts of Edinburgh to accommodate its growing team of marketing, sales, and customer service staff.
Shot Scope products are already available in the largest retailers in the US including Dick’s Sporting Goods and PGA Tour Superstore.
Shot Scope has established a presence in Europe, Australia, and New Zealand with retailers including Dormy, Golfbox, Golf Warehouse, and PGC Group stocking its technology.
Christopher Kennedy, Director of Venture Debt at Virgin Money, said: “Shot Scope is an established leading technology business within the golf market and has been a valued customer within our venture debt portfolio of high-tech businesses for the last three years.
“Over that period we have built a strong relationship with the team at Shot Scope and we are pleased to provide this follow on funding as the business continues to grow. It’s exciting to see what the future holds as Shot Scope’s expanded suite of products increases further in popularity in markets across the world.”
Kerry Sharp, director of Entrepreneurship and Investment at Scottish Enterprise, said: “Shot Scope continues to reach impressive milestones with its innovative golf technology. As a longstanding investor, we’re excited to see the company make progress towards its global scaling ambitions.”