The funding is coming from the private equity firm Growthdeck for an undisclosed amount. Shot Scope recently raised a £2.7 million Series A led by Guinness Ventures in December last year. 

Not including the recent financing from Growthdeck, Shot Scope’s funding to date is over £7m which between 2015 and 2022 was raised through two seed rounds, a grant, a venture round, and its Series A, according to Crunchbase. 

Now Shot Scope is gearing up for North American expansion, which according to them has a golfing market eight times larger than the UK’s.

According to research from the Sport Industry Research Centre, the UK has seen a 20% spending increase in golf during the past five years, leading to £51 billion being spent on the sport by consumers. Golf equipment alone reached roughly £580.9m in revenue last year, with an expected compound annual growth rate (CAGR) of 3.93%.

The US on the other hand cites a golf market size of $27.1bn (£20.9bn) last year. The equipment sector is expected to grow to $11.2bn (£8.6bn) by 2029 with a CAGR of just over 4% between now and then.

With the US having a larger market size and more expected growth, Shot Scope is looking to secure more funding to diversify its product range and reach a turnover of £62.5m by 2028. As of now, Shot Scope has forged vendor agreements with big box retailers across North America. 

Recommended

• Developing a Data-driven Edge in Golf with Shot Scope CEO David Hunter
• A Hole in One for Shot Scope with £1.6 Million Funding
• Partnership Giving St Andrews Golf Course a Tech Upgrade

The company offers a range of GPS watches, laser rangefinders, and shot tracking devices, allowing Shot Scope users to access data driven insights to their game in real time. According to them, there are more than 180,000 users across 160 countries using their technology.

“Digital equipment is becoming as important a part of a golfer’s bag as their seven iron. Shot Scope is already a major player in the UK market and it’s capable of doing the same in the US,” says Rebecca Hodges, relationship director at Growthdeck.