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Venture Capital News: KeyMe Lands $35M

2020-01-14
NEW YORK, NY, KeyMe today announced the closing of a $35 million financing round, led by Brentwood Associates.
This recent funding comes after BlackRock invested $50 million in February 2019.

Since launching in 2012, KeyMe has substantially grown the capabilities and presence of its smart kiosks, which provide a variety of locksmith services, including key duplication for advanced electronic keys such as vehicle keys with transponders and RFID keys. KeyMe kiosks leverage cutting edge robotics and artificial intelligence to create keys that are convenient, accurate and secure. The company has seen massive consumer and retail demand for its self-service kiosks, which are currently serving over 10 million customers annually at its retail locations.

"We're building a new type of robotics and AI company to challenge the customer experience standards in the $12 billion a year locksmith industry," said Greg Marsh, KeyMe Founder & CEO. "We are excited to work with the Brentwood team to expand our services to build the most trusted brand in the locksmith industry."

"Leveraging incredibly sophisticated technology and delivering a highly differentiated, convenient and satisfying consumer experience, KeyMe is nonpareil in the locksmith industry," commented Eric Reiter, partner at Brentwood Associates. "With a rapidly scaling footprint across the U.S., potential for international growth, and significant additional consumer and home services to come, we are excited to be partnering with such an outstanding team."

KeyMe has grown to over 3,000 locations in over 72 retailers including (in alphabetical order): Albertsons, Autozone, Bed Bath & Beyond, Giant Eagle, IKEA, Kroger, Menards, Rite Aid, Save Mart, Sears/Kmart, Simon Malls, and 7-Eleven among many others, reaching consumers in 49 states. A growing number of retailers are using KeyMe kiosks to attract customers who have recently moved and are making decisions on where to shop in their new neighborhoods.

To learn more about KeyMe, visit www.key.me.

About KeyMe: KeyMe is reinventing the $12 billion locksmith services industry with advanced robotics and AI, building the world's most trusted brand in "access solutions." The company's network of self-service kiosks are located in thousands of retail locations across the country supporting duplication of brass keys as well as sophisticated electronic keys such as RFID and vehicle transponder keys. Additionally, KeyMe Locksmiths offer customers a one-stop solution for all their locksmith needs ranging from lockouts and re-keys to complex installations and custom jobs.

KeyMe is growing rapidly and has raised over $150M from top-tier investors including Battery Ventures, BlackRock, Brentwood, Comcast Ventures, Questmark Partners, Ravin Gandhi, RiverPark, and White Star Capital.

About Brentwood: Brentwood Associates is a middle-market private equity investment firm with a 30+ year history of investing in leading growth companies. Brentwood focuses on investments in growing businesses where it can leverage its extensive experience in areas such as: consumer products and services; multi-location growth strategies, including specialty retail and restaurants; direct marketing, including direct mail and e-commerce; health and wellness; education; and business services. Since 1984, Brentwood's dedicated private equity team has invested in over 50 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.
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