Baseus Completes Series A Funding of CNY Hundreds of Mn

Consumer Staples, Technology Author: Notrice Apr 21, 2023 04:49 PM (GMT+8)

On April 20, Baseus(Chinese:倍思科技), a new digital lifestyle brand under Shenzhen-based company Baseus Technology, announced the completion of series A financing round of CNY several hundred millions. The funds will be used for product research and development, establishing offline markets, constructing supply chains, building factories, and promoting the brand overseas.

Wide sound earphone

Founded in 2011, Baseus has been committed to designing, researching, selling, and producing mobile digital products. Its products include mobile phone charging devices, wireless Bluetooth headsets, and more, ranking among the top 20 out of China's overseas brands on AliExpress(Chinese:速卖通). The brand name Baseus is derived from the concept of "BASE ON USER", adhering to the idea of people and scenarios interconnection, balancing design aesthetics, and adhering to original design. Its products have won over 2,000 patent certifications and over 120 international design awards.

After more than a decade of growth, Baseus has expanded its business from mobile phone accessories to electronic products such as charging, audio, and car accessories. It has also taken the lead in the charging and TWS(True Wireless Stereo) fields in the market. Despite the overall sluggish market, Baseus has maintained rapid growth in domestic and overseas markets in recent years. In the domestic market, Baseus products won the sales championship in the Tmall(biggest online shopping platform in China) 3C digital accessories category sales rankings for 11-11 Shopping Festival (Chinese:双十一购物节)in 2022. In the international market, its flagship product TWS earbuds achieved a shipment volume of 1.50 million units in Q1 2022, surpassing 2% of the global market share. It even defeated traditional strong brands such as JBL, SONY, and Samsung in countries like Vietnam, becoming the highest-selling electronic brand.

According to reports from market research companies such as Technavio, Statista, and ResearchAndMarkets, the consumer electronics market is expected to reach USD 1.11 trillion in 2023, with the mobile digital accessories market reaching USD 25.60 billion, of which China's market share is 40%. In the coming years, the high-growth mobile digital accessories industry will remain a focus of global capital. Despite the downward pressure on the economy in the post-pandemic era, Baseus's business performance remains impressive. In 2022, it has opened more than 600 stores and over 100 flagship stores in over 180 countries and regions, with 300 million users.

The mobile digital category has long been a fiercely competitive field. In the upstream product market, leading technology companies such as Samsung and Apple control the design direction and standard setting of mobile digital products, while in the downstream market, Chinese domestic brands such as Baseus(Chinese:倍思), Anker(Chinese:安客), Ugreen(Chinese:绿联) occupy the dominant position.

This financing round is Baseus's first external market financing since its establishment in 2011, with leading investment from Shenzhen Capital Group(Chinese:深创投) and CICC Capital(Chinese:中金资本), with follow-on investment from Yuexiu Industrial Fund(Chinese:越秀产业基金) and Gaorong Capital(Chinese:高榕资本). Baseus's huge economic benefits and brand awareness worldwide, as well as its good cooperation with upstream and downstream technology giants such as Qualcomm, OPPO, and Huawei, are the reasons why it has become a focus of capital in 2023.

At this critical stage, the ESG2023 "the US Sub-Forum" will be held in Shenzhen on June 2, 2023. EqualOcean will invite the representatives of academic institutions and investment institutions, as well as company leaders, from the International Studies Institute of Fudan University, Sun Yat-sen University, Jinan University School of International Relations, Gaorong Capital, Vision Plus Capital, FreeS Fund, ZWC Partners, Source Code Capital, Niu Technologies, TikTok, SHEIN, NEIWAI, miHoYo, Tuya, MINISO, Dreame, Ecovacs, WYBOTICS, Lifen, and UniUni.EqualOcean analysts will also release the US Report 2023 at the US Sub-Forum, summarizing business opportunities and best practices for expanding into the US market in the new stage. Click the link to apply and scan the QR code below to learn more about ESG2023.