Edinburgh-headquartered Shot Scope has raised $8.5 million in a Series B funding round led by Guinness Ventures which invested $4 million. The rest of the investment came from Scottish Enterprise, Growthdeck, The SideBySide Partnership, and Edinburgh-based Equity Gap, alongside Virgin Money providing $1.9 million in debt finance.
How will it use the investment?
With this investment, the company will accelerate its offering of acclaimed products and game-improving data to over 60 million golfers worldwide. It 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.
Furthermore, Shot Scope is relocating to a new headquarters on the outskirts of Edinburgh to accommodate the growing team of marketing, sales, and customer service experts. The new site will support Shot Scope’s ambitious plans to scale operations and deliver game-changing technology to a worldwide audience in the future.
What does Shot Scope do?
Founded by David Hunter in 2014, the Scottish startup’s team consists of technology experts, golfers, and a former Walker Cup player who are passionate about driving game improvement and enjoyment through the most expansive and accessible lineup of golf products on the market.
Shot Scope offers a range of products that improve the way golfers access distances on the golf course, through both GPS wearables and laser rangefinders. Its shot tracking devices record over 100 statistics, enabling every golfer to analyse their round, know their game, and help shoot lower scores.
Its products have collected over 350 million shots and been used by hundreds of thousands of golfers worldwide, who enjoy lifetime free updates and no subscription, helping them to save an average of 4.1 strokes.
Accompanied by Shot Scope’s mobile app and web dashboard, the organisation provides golfers with all the tools to enable them to have a more engaging experience and the ability to improve their skills. It has become a trusted brand in the UK with key buying groups, green grass retailers, and pro shops welcoming the brand into their networks.
David Hunter, CEO and Founder, Shot Scope, 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.”
Investors’ views
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”.
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.”
What do we think about Shot Scope?
Its technology is set to benefit the golf industry by providing golfers with advanced tools to enhance their performance and enjoyment of the game. With subscription-free GPS wearables, laser rangefinders, and shot tracking devices, golfers can access detailed performance analytics, helping them understand and improve their game. This, coupled with Shot Scope’s commitment to continuous innovation and expansion, positions the company as a key player in driving the future of golf technology.
