Golf technology firm, Shot Scope, has raised $8.5m in a Series B funding round led by Guinness Ventures which invested $4m.
The funding round also included investment from key participants; Scottish Enterprise, Growthdeck, The SideBySide Partnership, and Edinburgh based Equity Gap, alongside Virgin Money providing $1.9m debt finance as part of the funding round.
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.”
Through this Series B round of 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. Accompanied with 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.
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”.
Shot Scope, founded in Scotland (the Home of Golf) by CEO David Hunter, has become a trusted brand in the UK with key buying groups, green grass retailers, and pro shops welcoming the brand into their networks. With Shot Scope products readily available across the UK, the organisation looks to establish the same trust worldwide.
As part of the expansion, 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.
Shot Scope products are already available in the largest retailers in the US including Dick’s Sporting Goods and PGA Tour Superstore. The brand continues to grow as the business gains traction with green grass retailers in various states. Similarly, partnering with PGA of America’s Golf Retirement Plus program and TROON Golf Network has further developed Shot Scope’s presence and credibility within the US golf industry.
Shot Scope has established a presence in Europe, Australia, and New Zealand with retailers including Dormy, Golfbox, Golf Warehouse, and PGC Group stocking their game-enhancing technology and helping golfers improve their game.
Supplementing the physical products, Shot Scope’s mobile app and web dashboard is home to a plethora of free-to-access features for its users. Features include aerial GPS maps on over 36,000 courses worldwide, over 100 tour level performance statistics and MyStrategy – the data driven strategy builder.
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.”
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Shot Scope raises $8.5m in funding to bring golf improvement to 60 million golfers worldwide
