Soocas Shenzhen Technology, a China-based electrical personal care product developer, raised RMB200m ($29.6m) in series C funding yesterday from investors including Kinzon Capital, the venture capital firm formed by conglomerate Fosun.
The round was led by private equity firm Vision Knight Capital and also featured investment firms Greenwoods Investment and Yunmu Capital, as well as private equity firms Orchid Asia Group and Cathay Capital.
Founded in 2015, Soocas has developed a range of electrical personal care products. Its core offering is a smart sonic toothbrush and related mobile app, though the company also sells hairdryers and nasal trimmers.
The money will enable Soocas to beef up its research and development and increase its marketing activities. It sold more than 2.5 million toothbrushes in 2018 and intends to release a smart electric razor next month.
Soocas had previously raised $14.8m in a series B round led by Cathay Capital in March 2018, following an undisclosed amount from consumer electronics manufacturer Xiaomi and VC firm Shunwei Capital in 2016, and the company forms part of Xiaomi’s ecosystem of smart home products.
Image courtesy of Soocas.
