Xiaomi-backed oral care startup Soocas snags $30m Series C

Photo: Soocas

China-based oral care startup Soocas has raised a 200 million yuan ($30 million) Series C round led by Vision Knight Capital, it said in a statement on Monday.

Other investors that joined the round include Kinzon Capital, Cathay Capital, Greenwoods Investment and Yunmu Capital. The latest funding will be used to further drive product development and marketing efforts.

Soocas is one of Chinese phonemaker Xiaomi’s home appliance portfolio startups and part of the US-listed company’s growing artificial intelligence smart home ecosystem. Xiaomi’s founder and chief operating officer Lei Jun has said that the smartphone maker plans to invest about $1.5 billion into connected homes-related products and services.

According to local media, Soocas had scooped up a 100 million yuan ($14.7 million) Series B round last March.

Founded in 2015, Shenzhen-based Soocas claims it has achieved profitability since its launch and has seen its margin increase over the past few years. In 2018, Soocas sold 2.5 million electronic toothbrushes.

The startup’s founder Meng Fandi said that personal care is an extremely competitive industry, but he expects market consolidation to happen soon.

“We’re seeing huge opportunities in the personal care industry. For instance, ten years ago, the smartphone or mobile market in China was dominated by foreign brands, but now, Xiaomi is the dominant brand in China. The way I see it, Chinese business will still be done by the Chinese themselves.

“Compared to traditional brands like Philips, Soocas’ positioning, design and price of our products can cater better to the younger generation. Those who get the mind of young people are more likely to have a future,” he said.

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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.

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.