Economy, Sci & Tech

Fourfold Funding for BLOCKS Watch

Fourfold Funding for BLOCKS WatchFourfold Funding for BLOCKS Watch

BLOCKS, the modular watch startup launched by UK-based graduates, has officially surpassed the $1 million mark on their Kickstarter page.

The team, jointly run by a graduate from Tehran University, started their fundraising campaign on October 14 with an initial target of collecting $250,000. However, interest in the modular watch design has gone through the roof with 25 days still to go until the seed funding round ends.

Currently, the company has raised over $1,065,854 at the time of writing, with people putting further orders for the device as the deadline continues.  

The reward for investors ranges from $195 for the core watch and strap with no add-ons, to $7,800 for 30 BLOCKS watches complete with all available modules.

Two more modules will be unveiled later in the crowdfunding campaign.

The global smartwatch market is predicted to be worth $32.9 billion by 2020, according to a report by Allied Market Research. However, sales of all major companies have been flagging due to tepid consumer demand.

"BLOCKS is the world’s first modular smartwatch. The watch face, or Core as we like to call it, is fully functional on its own, and has all the features you would expect from a smartwatch. But it’s the strap that is the most amazing thing about BLOCKS," the report said.

The idea that a smartwatch can compensate for different items remains to be seen and battery life remains one of the key issues with such small devices. But with multiple battery packs on the wristband, the idea could actually work.

Financial Tribune could not get a comment from Alireza Tahmaseb-Zadeh, who was involved in the project, on his current success at the time of going to print.

Whether the item will give fresh impetus to the smartwatch sector is still unknown, but it does broaden the offering currently in the market.