Chinese smart lock maker Kaadas nets nearly $100m in new funding

Shenzhen-headquartered smart lock manufacturer Kaadas on Wednesday said that it has raised approximately $100 million in a Series B round of funding led by investment firm Orchid Asia. 

Shenzhen Qianhai Huxing Asset Management and private equity firm Cowin Capital joined the round as new investors, Kaadas said in a statement. 

The company will invest the majority of the proceeds in product R&D, manufacturing and sales, brand marketing and talent recruitment. 

Kaadas, which was established in 2009, designs and produces smart door locks for the residential and commercial markets. It sells its products through e-commerce platforms such as Tmall and JD.com, brick-and-mortar retail stores, commission agents, and original equipment manufacturers.

With manufacturing facilities in Dongguan, Zhuhai and Zhejiang, it claims to have sold 1.5 million locks and generated about 1 billion yuan ($152 million) in annual revenue in 2020. This year, it expects to post annual revenue of 2 billion yuan ($305 million) and start preparations for an IPO. 

In its statement, Kaadas said the alliance with Orchid Asia will help it expand its presence in foreign markets. According to its press release, it is currently present in Europe, the US and Southeast Asia.

China’s smart lock market comprises players such as Dessmann, Yunding, Guojia, Yeeuu and Loock. Attracted by the market’s growth, Chinese tech giants Huawei and Xiaomi have also forayed into the business.  

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.

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.