14 December 2022
Edinburgh 14th December 2022
Leading manufacturer of golf technology and improvement products Shot Scope has raised £2.7m in a series A funding round headed by Guinness Ventures which invested £2.1m. The round also includes investment from the Scottish Investment Bank, Old College Capital – the in-house venture capital arm of the University of Edinburgh – and Edinburgh based angel fund Equity Gap. Shot Scope were advised by PWC.
Shot Scope is now an established leader within the golf market, with more than 100,000 users in 162 different countries worldwide. The company is based in Edinburgh and has a team of 25 people – its product range includes GPS watches, Laser Rangefinders, GPS Handhelds and Shot Tracking devices.
Shot Scope’s patented wearable, laser and performance tracking devices are designed by golfers for golfers. The innovative shot tracking technology enables players to make better decisions on course; and offers a unique off course digital platform where the golfer can relive their round. Shot Scope products and software are said to help golfers improve by 4.1 shots on average, improving golfers’ games in fewer than 25 rounds.
CEO and Founder, David Hunter says that his goal is to create a product and service that users “cannot go golfing without,” whilst offering the best possible customer experience. Its excellent star rating on Trustpilot is testament to this aim.
David Hunter, CEO, Shot Scope said: “Six years ago as a keen amateur golfer I realised that technology could enable players to make better decisions on the course. Since then, Shot Scope has grown from a start-up to an established market leader in GPS, laser rangefinder and digital on course tracking. I am delighted that Guinness Ventures has partnered with Shot Scope.
“As market leader in the UK, our team wants to scale up global expansion so golfers around the world can experience the game-improving benefits of Shot Scope. The investment and partnership with Guinness Ventures will allow our team to focus on this growth and deliver our technology to golfers globally.”
Adam Barker, Deal Lead, Guinness Ventures said: “We were impressed by the management team and board’s depth and breadth of experience as well as their passion for golf. They’ve a proven track record for delivering both technology products and fast growth companies.”
“The Shot Scope team’s deep understanding of golfers and the golf market has resulted in some incredible products. We love the amazing range of great golf tech and are excited to be on the inside with a preview to the roadmap of products, software and features, that we can’t wait to see launched and change the game.”
Ed Reid, Associate Director at PwC Raise | Ventures, said: “We were delighted to advise Shot Scope for their Series A. Despite more challenging market conditions, Shot Scope has secured investment from investors who understand their market and mission to change the game of golf. We’re excited to watch their progress as they build a category-defining business.”
The team includes a retired professional golfer who played in the 2009 Walker Cup, a Scotland Ladies team player and a former PGA professional coach.
The company has mapped 36,000 golf courses around the world. It owns this data and can quickly make edits or changes to golf courses requested by users. The Shot Scope app and dashboard provides over 100 statistics on the golfer’s game including club distances, approaches, short game, putting, scoring, handicap benchmarking and strokes gained.
The capital investment and partnership with Guinness Ventures will allow Shot Scope to scale on the back of their success in the UK and bring game improvement technology to golfers globally.
Shot Scope: Lyndsey Whitefield, Shot Scope email@example.com
Guinness Ventures: Geri Jacks, Guinness Ventures firstname.lastname@example.org
Notes to editors:
Mr David Hunter, Founder & Chief Executive Officer
Mr Hunter’s background is in electronics design and embedded software development. He worked as an engineer for 10 years designing electronics products for medical, military, industrial and commercial markets. Mr Hunter is Chief Executive Officer of the company and responsible for the overall strategic direction and management. Mr Hunter has been instrumental in the company’s growth and continued vision. He led four investment rounds raising £9.25m and successfully delivered an array of innovation and R&D grants.
Current product range:
V3 – GPS golf watch with performance tracking
G3 – GPS golf watch
H4 – GPS golf handheld
PRO LX – Golf Laser Rangefinder
PRO LX+ – Golf Laser Rangefinder with GPS and performance tracking
About Guinness Ventures
Guinness Ventures is part of Guinness Asset Management, a London-based specialist fund management company, established in 2003. Guinness manages over £5 billion for institutional and retail investors, investing in public and private companies. Guinness Ventures is a leading EIS Investor, who since 2010 has raised and invested over £255 million into more than 180 companies. A generalist investor with an ethical focus, several of the fastest growing companies in the UK are held in their EIS portfolio. Guinness Asset Management is authorised and regulated by the FCA.
About PwC Raise | Ventures
PwC Raise | Ventures supports fast-growing, early-stage companies looking to raise between £1m – £30m to fund their growth. We provide expertise throughout a company’s investment journey and offer the speed and focus of a boutique, with the unrivalled access of PwC’s global network, seeking to build a long-term partnership with you for your fundraise and beyond.
The deal team was composed of Cara Haffey, Ed Reid, Richard Abrahams, Matthew Ward and George Francis, with support from Jason Cohen.
Did you know that 84% of missed putts over five feet finish short? Or, that your typical drive is nearly 30 yards shorter than your Sunday best drive? These are just two intriguing statistics thrown up by Shot Scope’s performance tracking data platform. Download our free guides for golfers now!FREE e-books to lower your score