Xiaomi Backed Soocas An Electric Toothbrush Maker Raise 30$ Million In Round C Funding
Soocas closed series C funding round by raising a fund of RMB 200 Million i.e. 29.5$ Million.
Soocas’ electric toothbrushes gross merchandise sale grew 97 percent between 2015 to 2017.
Soocas also planning to launch electric shaver this year.
Future of an individual and organization depends on how much financial assistance it has. Therefore startups work passionately to gain success and attract powerful investors for funding them. In the same move, Shenzhen based Chinese startup electric toothbrush Soocas closed series C funding round by raising a fund of RMB 200 Million i.e. 29.5$ Million, attaining parapet of largest fundraising deal in personal care section in China.
According to Wei Zei, founding partner of Vision Knight Capital, the funding has come into the right time when the personal care sector is highly enhancing in China.
Wei was Alibaba’s Executive Vice President. In Round C funding Kinzon Capital, Vision Knight Capital and Cathay Capital were among major investors.
We also added Soocas’ electric brush price is consumer friendly and is less affected by gloomy macroeconomic outlook in China. On comparing Soocas’ electric brush price with respect to Philip’s electric toothbrush in China it is priced at a range of 32.5$ to 397.8$ while Soocas product prices lie in the range of 29.3$ to 44$.
Three years old startup Soocas initiated in 2015 backed by Chinese Smartphone vendor Xiaomi’s Smart home Umbrella will use the fund raised in R&D and promotion of the brand. Electric toothbrushes are a new technology for Chinese customers but they are taking a high interest in their products. According to research, data of Alibaba’s advertising service Alimama, Sooca’s electric toothbrushes gross merchandise sale grew 97 percent between 2015 to 2017.
According to a report from Euromonitor International shows, “Colgate, Procter and Gamble, and Hawley and Hazel chemical are still dominating the oral care space in China. But local players are rapidly catching up.” Now Soocas is facing high competition from Usmile and Roaman in this field.
The company is also planning to launch electric shaver this year to give a companion to its other two products electric toothbrush and electric hair dryer. Now Soocas is the highest electric toothbrush selling company in China.
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