The company will use the funding to gradually realize its global brand strategy in the future
Chinese intelligent door lock brand Kaadas has recently raised CNY600 million (USD 94.34 million) from its Series C financing round.
This round of financing was led by Asia Investment Fund, with Morgan Stanley (China) , Costone Capital, Cowin Capital, Ejam Investment and also taking part.
Besides, it has received a comprehensive credit line of CNY1 billion from China Merchants Bank, China Construction Bank, Industrial and Commercial Bank of China, Shanghai Pudong Development Bank, Standard Chartered Bank and Bank of Shanghai.
According to Kaadas, the latest funding will be mainly used to help the firm expand into overseas markets and improve its popularity to steadily realize the company's global strategy.
Previously, Kaadas netted nearly USD 100 million in its Series B financing in 2021, setting a record for a single round of financing in China's intelligent door lock industry.
Founded in 2013 and headquartered in Shenzhen of southern China’s Guangdong Province, Kaadas specializes in intelligent locks. It is one of the few companies across the global industry chain that integrates product development, manufacturing, sales, installation and after-sales .
According to the 21st Century Business Herald, a leading business newspaper, Kaadas has many booths and specialty stores across the country, successively entered overseas markets in Southeast Asia, the Middle East and North America, and reached strategic cooperation with more than 10 international enterprises.
The Asian Investment Fund, started by Asian Infrastructure Investment Bank, led the firm's Series C round. It said that Kaadas, as a leader in the intelligent lock industry, has a broad market. The fund also said it expected to help Kaadas establish itself in China and move towards a broader global market.
Kaadas’s domestic competitors include Loock, Dessmann, Yingdian and even the manufacturing arms of tech titans such as Xiaomi and Huawei.