Foshan Shunde Deerma Electronic Appliance, a household appliance offshoot of China-based e-commerce firm Guangdong Feiyu Electronic Commerce Group, has secured RMB380m ($54.2m) in series B funding, DealStreetAsia reported on Tuesday.
Private equity firm Cathay Capital, venture capital firm Fortune Capital and structured credit-focused investment firm JinYi Capital supplied the funding, according to a statement cited by DealStreetAsia.
Deerma provides home appliances such as vaccuum cleaners, humidifiers, clothes dryers and kitchen products through its own e-commerce platform in addition to brick-and-mortar retail outlets. It also signed a 20-year licensing deal with electronics manufacturer Philips in 2018.
The funding will be used to strengthen the company’s marketing network as it seeks to expand internationally and bolster its research and development spending.
Government-owned investment firm Citic Group provided about $71m in series A funding for Deerma in June 2018 through subsidiary Citic Private Equity Funds Management.
Kitchen product maker Oppein then joined VC fund Genbridge Capital and private equity fund Charisma Partner to invest approximately $47m in the company through an October 2019 series B-plus round.
Deerma subsequently received an undisclosed amount of funding from investment firm Co-Share Capital and investment banking firm Renaissance Capital in March this year.
Image courtesy of Deerma.
