Swedish fashionable headphone company Happy Plugs has raised €6 million from Scope. The company will use the capital to grow and strengthen its position in its existing markets.
The company now sells their headphones in over 10,000 stores in 70 countries. Happy Plugs had sales of €11 million over the past year, with annual growth of 62 percent over the past four years.
"From day one, everything has gone at rocket speed," said CEO and founder Andreas Vural, as reported by Breakit. "One reason why it has gone so quickly is because we see handsets and mobile accessories as a fashion accessory rather than technology. Another is that we have managed to reach the female audience. Other brands have put pink on the headphones and said, 'Here you go, girls.'"
"We have followed the Happy Plugs' development for some time and we are very impressed by what Andreas Vural has accomplished," said Andreas Ossmark, Partner at Scope, in a statement. "We have good experience in developing consumer brands, most recently with Happy Socks, and we believe there are good opportunities for Happy Plugs to make a similar journey."
With the new capital, the company will focus on growth.
"We believe that we must both grow in existing markets and above all deliver more products," said Vural. "We will continue to expand our line of mobile accessories."
Read more: Di Digital (Swedish)