Swedish start-up Minut secures $8m in Series A

30 Jul 2019261 Views

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CEO and co-founder of Minut, Nils Mattison. Image: Minut

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Home security start-up Minut has now raised more than $10m since it was founded in 2014.

Swedish tech start-up Minut announced yesterday (29 July) that it has raised $8m in Series A funding, bringing the company’s total VC funding to date up to more than $10m.

The investment round was led by KPN Ventures, with additional contributions from Centrica, along with previous backers Karma Ventures, SOSV and Nordic Makers.

Minut focuses on home security and, since it was founded in 2014, the start-up has developed a device called Point, which has been sold in 60 countries.

Point is a home security device that serves as an all-in-one smart home alarm. As well as monitoring security, the device can also be used to adjust temperature, humidity and sound throughout the user’s house.

It sends notifications to the homeowner when they’re at work or on holidays, so they can know what’s going on at home without using security cameras.

Minut CEO and co-founder Nils Mattisson spent seven years working in the exploratory design group at Apple. Meanwhile, head of product, Johan Nystrand, was one of the first engineers at Gapminder, a data visualisation tech firm that was later acquired by Google.

“Until recently, the most affordable solution for home security and monitoring has been Wi-Fi connected cameras, but people don’t want or trust them in their homes,” said Mattisson.

“Our aim is to make home security and monitoring accessible to everyone, without having to compromise the feeling of home.”

Future opportunities

Looking ahead, Minut said that the recent investment will be used to accelerate growth markets and to strengthen its product portfolio.

Director of KPN Ventures, Herman Kienhuis, said: “The Minut team has executed on the vision to make home security smart, simple and accessible for everybody. KPN powers the connected home and sees great opportunities to partner with Minut to help people protect their homes.”

Centrica Innovations venture principal Marc Sabas added: “As a global leader in providing cutting-edge connected home products and services, we look forward to working in partnership with the team to explore further opportunities to deliver products that offer greater choice, control and comfort over our customers’ homes.”

Disclosure: SOSV is an investor in Silicon Republic

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com