China’s electrical appliance brand Deerma bags $54m in Series B round

Foshan Shunde Deerma Electronic Appliance

Foshan Shunde Deerma Electronic Appliance Co., Ltd, a subsidiary of e-commerce company Guangdong Feiyu Electronic Commerce Group Co., Ltd, announced that it has raised a total of 380 million yuan ($54 million) in a Series B round of financing from Chinese cross-border private equity firm Cathay Capital, Fortune Capital and Jinyi Capital. 

With this, the total capital raised by Deerma touches 1.21 billion yuan ($172 million), it said in the statement. 

The latest round will be invested in product research, marketing network innovation and overseas market expansion. 

Shunde-based Deerma designs and manufactures new-generation household appliances through the integration of its e-commerce platforms and offline channels

After raising 500 million yuan ($71 million) in a Series A round of funding from state-owned CITIC Group’s CITIC Private Equity Funds Management, Deerma had acquired Philips’s water purification business in the Greater China in June 2018. Besides, Philips granted Deerma a 20-year brand license to use its trademark. 

Deerma claims that it has achieved 100 per cent annual sales growth for the past seven years. 

Prior to the current round, Co-share Capital and Renaissance Capital made an undisclosed equity interest in Deerma in March 2020. Previously, in October 2019, Deerma had additionally raised 330 million yuan ($47 million) in a Series A+ round from OPPEIN, Genbridge Capital and Charisma Partner. 

According to Ministry of Industry and Information Technology data, the Chinese electrical appliance market size stood at 200 billion yuan ($28 billion) as of 2019, up from 100 billion yuan ($14 billion) in 2018. 

China’s top electrical appliance brands comprise Midea, Haier, Gree, Jiuyang, Longde, Deerma, among others. 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.