A North East firm is hoping to strike it rich with a device that aims to make golfers better at the sport.
Teesside produce designers Mustachio have landed £125,000 of investment in their novel golf training idea.
The Middlesbrough-based business, led by Matt Hulbert, has created a digital display unit that attaches to golf clubs and provides data on players’ angles of address.
It measures and reports on spine angle, club shaft angle, club shaft to spine angle and rotation angle of the club face.
Known as ‘Talon’, the aid is being marketed under Mustachio’s ‘Ojee Golf’ brand.
The money from Northstar Ventures, via the Finance for Business North East Proof of Concept Fund, will be used to produce an initial run of Talon units, and contribute towards marketing.
Mr Hulbert, co-founder of Mustachio, said: “We have been going from strength to strength recently, and thanks to the investment from Northstar Ventures we are going to be able to push ourselves to the next level.
“We have been to some large golf shows recently, including London and Glasgow, where we exhibited the Talon and had some great reviews but the main reason to be there was to gain customer feedback so that we can improve the product even further before the official launch in July 2015.
“We knew that we had a great concept when we first formulated the idea last year, but seeing the product come to life with the help of Northstar’s investment has pushed our expectations beyond belief.”
James Foster, investment manager at Northstar Ventures, added: “Mustachio is a great investment opportunity for the Proof of Concept Fund. The product is highly innovative, easy to use and will help users address issues with the fundamentals of their game.
“There is a growing trend of golfers using technology to help them enhance their performance on the course, and the Talon is clearly catering for this need.”
The Proof of Concept Fund is backed by the European Regional Development Fund and the European Investment Bank.
It supports early stage creation in the technology sector within the North East — typically with investments of between £20,000 to £100,000.
The Fund also has the ability to make larger follow-on investments.