Last January, media wrote about Earin, which received SEK 30 million (ca. € 3 150 000) as venture capital from other companies, like LMK Forward and the businessman Mohammed Al-Amoudi’s investment company Midroc. However, it was not declared that that Earin had already received SEK 25 million as a convertible loan from Örjan Johansson’s BlueWise Fund at the end of 2015.

Earin released the first version of its cordless headphones during the fall 2015. Recently, it launched an updated version of its products. The new model includes microphone with various touch features, including receiving calls, voice control, and software that removes disturbing sounds in the surroundings. It will be released soon and will continue to be produced in China.

We believe that we will sell everything we produce and will have the same pressure in sales, as experienced when we released the first model. But I do not think that we reach the planned figures this year, as product development has been ongoing through the whole year. Sales will probably rise again in 2018,“says co-founder Per Sennström to Rapidus.

Earin was founded by Per Sennström, jointly with Olle Lindén and Kiril Trajkovski. Revenues reached SEK 67 million in 2016. Earin currently stations 17 employees. The bulk of employees work in Malmö, where development operations are carried out. Besides, three employees are stationed in Hong Kong and one in USA.

Source: Rapidus

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In the interview with Breakit Per Sennström also revealed that there will be some news coming this spring, but couldn’t share further whether it will be related to another capital round.

The present investment is motivated by the plan to launch new version of earin in the second quarter of this year. Overall the company has high hopes for 2017 in comparison to the previous year.

“We are not very clear with the financial statements yet, but we will land with a turnover of about 68 million SEK (over 7 mln euro) for 2016. It spiked up in the beginning but it took longer than expected to get going in Europe,” says the company’s CFO Per Sennström.

The new version of the headphones has an important upgrade: built-in microphone. Previously it has been impossible to use the company’s headphones as a headset. According to Per Sennström, the new feature can open up an entirely new sales channel.

“This will open to sell our headphones with mobile phones. Selling to the telecom operators will become a priority in Sweden and Europe as well,” he says.

Among the current investors are a number of business angels as well as investment company LMK, Midroc and Granitor. The latter two are part of Preem owner and oil sheikh Al-Muhammed Amoudi’s business empire, valued at over 70 billion SEK (almost 7,5 mln euro) according to Forbes magazine.

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