Sonos rattles begging bowl, hopes for $130m cash stream
Wi-Fi speaker streamer flings doors open for investors
Sonos, the Wi-Fi speaker streaming firm, is looking to raise $130m from investors, according to a filing with the US Securities and Exchange Commission.
The filing doc doesn't say what the cash is for and Sonos isn't saying either. It's facing increased competition as Bose and other mainstream speaker suppliers jump on the Wi-Fi streaming bandwagon and offer their own smart speakers.
These amplifier-fitted speakers can also play music from connected smart devices and stream in music from Internet sources such as Deezer.
Even Amazon has jumped on this magic sound roundabout with its Echo speaker.
Sonos has a 4-product range of Play:1, Play:3, Play:5 and Playbar speakers which can each be twinned with its sub-woofer. It is fairly constantly improving its control app to add more streaming sources and make incremental improvements to things like search. Users have suggested that Sonos headphones might be a good idea, also battery-powered speakers for use outside the home.
It's mounting a big advertising push for Christmas sales with full and multi-page magazine ads as well as roadside poster ads.
Total funding is now up in the $450m area, according to Techcrunch.
El Reg reckons Sonos wants to be a bigger noise in speaker sales and will use the cash to fund more marketing campaigns like the current one as well as develop its product range – but you don't need to be a genius to work that out. ®