Swiss smartwatch maker MyKronoz has raised $5.3 million in just 35 days using crowdfunding service Kickstarter.
The company claims the funding round is one of the most successful from a European watch company in history, and was part of a strategy to extend the reach of the brand into global markets.
The unique selling point of MyKronoz watches is the way they combine a quartz-based traditional watch with a TFT colour touchscreen.
The hybrid smartwatches retail for under $200, and the company has sold more than 2 million units since its launch in 2013.
“We are achieving this success in the context of a wearables market where mainstream adoption has not yet taken off. So we decided to create a new dynamic by delivering the perfect hybrid smartwatch without compromises. Bringing the best of Swiss design and watchmaking expertise into a wearable device. ZeTime embodies this vision, and demonstrates our position as a game changer and fierce challenger to both established watchmakers and wearables players,” says Boris Brault, CEO and founder of MyKronoz.
“The huge momentum of this Kickstarter campaign has really been another market validation for us: both on the potential of hybrid smartwatches, and the international growth of our Swiss brand thanks to this fantastic innovation. We have really felt an incredible amount of passion from our backers, and impatience for our product. This helps us to pursue our ambition to become tomorrow’s leader in new generation watches,” he adds.
The success of its crowdfunding campaign will help MyKronoz expand outside Europe, especially in North America and Southeast Asia where thousands backers supported the funding round.