Teepix (United Kingdom) - Dec 2007

unquote
01 December 2007

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In a first institutional funding round, Oxford Capital Partners (OCP) has invested £800,000 into sports technology company Teepix, which has developed a novel technology designed to capture images of golfers’ action shots. OCP was attracted to the deal, which was sourced through a personal contact, primarily due to the successful track record of serial entrepreneur and founder David Martell, whose previous venture-backed project, Trafficmaster, floated on the London Stock Exchange in 1994 in a deal which generated a return of £20m for the investors from an initial contribution of just £2.4m three years previously – equivalent to an IRR of over 100%. The new capital will be used to accelerate the organic growth of the business through a planned roll out of the technology to more than 100 resorts around the world. The company is already considering the possibility of a stock market flotation in around three years’ time, with current business plan projections likely to value the business at around £50m.

Company

Teepix’s technology is based around a patented trigger system, which recognises the sound of a golfer teeing off and instantly activates discreetly mounted cameras that capture the shot just seconds after impact. The resulting images are automatically transferred over a digital data link and the internet to the company’s editing computers in Bedford and are made available for purchase both at the end of the round from a dedicated terminal in the resort clubhouse and via the Teepix website www.teepix.com. Teepix was founded in 2006 and already has systems operating in two high-profile resorts in Florida, with four a month due to be added over the next six months across the US following significant interest. The company has forecast revenues for the upcoming year of £1.2m and currently employs 15 staff.

People

Richard Marsh led the investment for OCP and will join the Teepix board. David Martell is the CEO and founder of the company.

Advisers

Company - Clyde & Co London, (Legal)Equity - Nabarro Nathanson, Barry Maytum (Legal)

Sourced from: UK & Ireland unquote" 360 (Jan 2008)