True Ventures leads $3m round for Narrative

Co-investment was provided by Passion Capital and LDV Capital. Passion led the firm's €500,000 seed funding round in July 2012 to fund the development of its prototype. 

The company also announced its change of name from Memoto to Narrative.

The investment is in line with True Ventures' experience in the connected devices segment, following capital commitments to healthcare tech firm Fitbit and unmanned aerial vehicle company 3D Robotics.

Company
Founded by six Swedish entrepreneurs in 2012, Narrative has developed the Narrative Clip – a wearable camera that creates a continuous life-log of photographs. The company raised $550,000 in 38 days on Kickstarter last year, vastly exceeding its $50,000 target.

The Narrative Clip is attached to the user's clothing and takes a photograph every 30 seconds, which are then synced to the cloud. The device is also equipped with a GPS chip and accelerometer, which take a photo manually when tapped. The product is to be released on 1 November.

People
Phil Black is founder of True Ventures. Eileen Burbridge is a partner at Passion Capital. 

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• Topics
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