Tofte & Company is pleased to have advised the shareholders of SOUNDBOKS in their capital raise from European venture company Heartcore, the strategic investment from Jägermeister via their venture arm, M-Venture and the Danish Growth Fund (VF).
With the new capital, SOUNDBOKS is further strengthened to invest further in branding and sales in its largest markets, Germany and the USA. The capital shall further fund product development and make SOUNDBOKS much more than a speaker brand. The new investors have specifically been chosen based on their strong experience within consumer brands and their vast experience in the two major target markets. This new financing comes after more than 47% growth in 2019 and continued strong growth throughout the first half of 2020.
“We once again decided to work with Tofte & Company due to their second-to-none insight into the European venture market and understanding of the SOUNDBOKS business and strategy. Further, working with Tofte offloaded us significantly during the fundraising process and allowed us to focus more on our core business, which has been key for us during the COVID-19 crisis.”, said founder and CEO of SOUNDBOKS Jesper Theil Thomsen
Christian Lindegård Jepsen, Partner & Co-Founder at Heartcore Capital comments: “At Heartcore we have followed Soundboks for years and been thoroughly impressed with how Jesper and his team have managed to build a category-defining product and brand for people looking to enjoy music in a social and festive setting. We are excited to join Soundboks as it’s continued to expand it’s footprint internationally.”
“Soundboks and Jägermeister revealed an incredibly natural brand fit. Just like Jägermeister, the guys from Soundboks have succeeded in transforming a product into a brand, creating a cultural phenomenon, and rewriting the rules of nightlife. With so much common ground, it made perfect sense to join forces.” said Christoph Goeken, Managing Partner for M-Venture
“We have once again been very impressed by the smartness and agility of the founders and their ability to navigate both their company, the investor landscape, and the changing circumstance of this Covid19 influenced spring. With the new partners, they are now extremely well-positioned to scale and expand their offerings” said Jesper Knudsen, Partner at Tofte & Company.
”Having worked with SOUNDBOKS since inception in 2015 I am very proud to see how far they have come and with the recent investment they will be able to unlock the full potential of the SOUNDBOKS brand”, says Poul Kotiah Hansen, Senior Associate at Tofte & Company.
Designed in Denmark by a trio of passionate friends trying to find the perfect outdoor party speaker, SOUNDBOKS was originally designed to be the ultimate portable speaker. The goal was to design a speaker that would be loud, durable, and have long battery life. Establishing a new category of Bluetooth Performance Speakers, SOUNDBOKS launched in 2015 and has been growing ever since, co-located in Copenhagen and Los Angeles.
Heartcore Capital is an early-stage venture capital firm devoted to backing exceptional founders building category-defining consumer internet brands. Founded as Sunstone Capital in 2007, Heartcore has raised over $500 million in committed capital across four fund generations. The firm has offices in Copenhagen, Berlin, and Paris but invests across Europe and occasionally in the United States. Heartcore has backed more than 70 exceptional founding teams.
M-Venture is the innovation and investment unit of Mast-Jägermeister SE, with the mission to shape the nightlife of the future. Through INVESTMENTS, strategic PARTNERSHIPS, and NEW PRODUCTS / SERVICES we are re-defining the Best Nights of the lives of our young urban target group.