Chinese self-grooming appliances production startup Soocas has raised US$25m fresh funds. The Xiaomi-backed personal care-related appliances production startup closed this deal in a Series Pre-IPO round. The fresh funds according to the startup will be used to enhance its technological infrastructure and marketing capabilities.
The round of funding was led by Grand Flight Investment, an industry investment fund initiated by the Chinese financial services group Far East Horizon, with participation from existing investors according to the statement posted on WeChat by a led investors.
Founded in 20 by Meng Fandi, Soocas develops and produces small home appliances used for personal healthcare purposes, such as electric and ultrasonic toothbrushes, electric hair driers, electric razors and oral irrigator – a market that is still dominated by foreign players like Philips and P&G in China.
Yang Jun, founding partner of Grand Flight Investment, in the post on WeChat noted that “Foreign brands have been having a dominant share in China’s several-billion-yuan small home appliance market since the 1990s. But it is definite that imported products will be replaced [by domestic offerings] – a trend that was already proved in the fields of consumer electronics like smartphones and laptops.”
Soocas last raised US$29 million in a Series C round led by Vision Knight Capital, a fund created by former Alibaba CEO David Wei Zhe. Chinese VC Kinzon Capital, Shanghai-based asset manager Greenwoods Investment, investment firm Orchid Asia Group, and China’s Yunmu Capital participated in the previous round.