Wearable tech startup UNA Watch has secured more than £300,000 investment as it prepares to take on industry giants Apple and Garmin with the world’s first repairable modular GPS sports watch.
The investment comes from London-based SFC Capital and will fuel the development of the Edinburgh-based firm’s patent-pending technology ahead of its Kickstarter launch in March.
UNA Watch won the £100,000 top prize from Scottish EDGE last year and is aiming for its new category of sustainable smartwatches to allow users to repair, replace, and upgrade components instead of discarding entire devices.
“We knew getting funding for a consumer hardware startup was incredibly difficult, but when we placed our modular watch in front of SFC Capital, everything clicked,” said UNA Watch founder Lewis Allison.
“They assembled the components like LEGO, instantly realising the potential. By the end of the meeting, we had our investment interest.”
UNA Watch was already revenue generating through early industry contracts, including a six-figure deal with IHF Digital Limited for fatigue monitoring.
The pre-seed investment is now set to accelerate the consumer launch of UNA Watch’s GPS-enabled smartwatch, designed to compete with the biggest names in fitness tech.
Ed Stevenson of SFC Capital added: “Consumer tech is an incredibly saturated space, so when somebody puts something in front of you that’s genuinely different, it leaps out.
“We were impressed by the ambition of UNA’s founding team, and see the brand as a bonafide disruptor in the wearable technology landscape with the potential to make a real mark.
“We were immediately impressed with their mission to reduce e-waste, and also liked the fact that they have both consumer and B2B revenue streams. It’s a brand that’s going places, and we’re excited to be along for the ride.”
Inspired by similar product models including Fairphone and Framework laptops, UNA Watch enables users to swap out individual components, such as batteries, screens, and sensors, rather than replacing the entire device.
Its four-person-strong team is set to launch its first GPS-enabled modular smartwatch via Kickstarter. Already more than 7,000 people have registered interest, with almost 1,000 already putting down deposits.
The crowdfunding campaign aims to sell 5,000 units in the UK and the US markets – equating to £1m in revenue – as well as building a passionate community of early adopters.
The company has also appointed two non-executive directors to its board – Intelligent Point of Scale founder Robin Knox and investment banker Andrew Coull.
With the global running watch market valued at $2bn and growing at 5.6% annually, UNA Watch’s research-based projections suggest it could capture around 5% of the market within five years – a target that would translate into $50m in revenue.