Wireless speaker maker Sonos Inc. says that its revenue in 2013 nearly doubled to $535 million.
The maker of high-end Wi-Fi devices and home theater audio components said Monday that it decided to make the information public to give some context around the size of its business and its growth. According to Bloomberg, this is the first time Sonos -- which is currently operating at a break-even -- has revealed its revenue to the public.
The privately held company, based in Santa Barbara, Calif., has investors that include Kohlberg Kravis Roberts & Co., Elevation Partners and Index Ventures, according to financial database S&P Capital IQ. In 2012, Sonos raised $135 million, $90 million of which allowed employees and previous partners, including BV Capital, to cash out (Sonos has also previously raised money from Index Ventures). The rest went toward Sonos expanding their home audio business, which last year took a turn toward more affordable price points with the launch of Play:1, several hundred dollars cheaper than Sonos' signature Play:3 or Play:5 speakers.
It was founded in 2002 and has filed for some 200 patents covering its system, which allows users to wirelessly stream music from dozens of online services including Pandora, Spotify, SiriusXM, and iTunes. Speakers operate over one's home Wi-Fi network and require only being plugged into a power outlet.