Shenzhen-based electric toothbrush Soocas closed series C round financing of RMB200 million (US$29.5 million), marking the largest fund-raising deal in personal care sector in China.
Vison Knight Capital, Kinzon Capital and Cathay Capital were among major investors.
The funding comes at a time when personal care sector is growing rapidly in China, according to Wei Zhe, founding partner of Vision Knight Capital. Wei was Alibaba’s executive vice president.
Soocas’ pricing is consumer-friendly, makes it less likely to be influenced by the gloomy macro economy outlook in China, says Wei.
Philips’ electric toothbrushes sold on China’s JD.com are priced between RMB 219 (US$32.3) and RMB 2,698 ($397.8), while Soocas products are priced between RMB 199 (US$29.3) and RMB 299 ($44).
Meng Fandi, founder of Soocas, a Huawei veteran, said that he believed there would be a rise of domestic brands in personal care gadgets, following the rise of domestic smartphone brands such as Huawei and Xiaomi.
The three-year-old startup, under Chinese smartphone vendor Xiaomi’s smart home umbrella, would use the proceeds on R&D and brand promotion.
The company will launch an electric shaver this year, adding to its current product lineup of electric toothbrushes and hair dryers.
Soocas sold 2.5 million toothbrushes last year, claiming the top spot among Chinese electric toothbrushes priced above RMB 100 yuan (US$14.74).
Editor: Ben Jiang
Daniel de Gruijter of Incitement on instigating a movement: Startup StoriesDaniel de Gruijter of Incitement on instigating a movement: Startup Stories
SoftBank-backed Chinese robot producer CloudMinds files for USD 500 million IPOSoftBank-backed Chinese robot producer CloudMinds files for USD 500 million IPO
Michael Currie of Fling on the future of Southeast Asia’s airspace: Startup StoriesMichael Currie of Fling on the future of Southeast Asia’s airspace: Startup Stories
Moving forward: Early StageMoving forward: Early Stage
After Nio, another Chinese EV maker is forced to recall vehicles due to battery problemsAfter Nio, another Chinese EV maker is forced to recall vehicles due to battery problems