Venture Capital News: KeyMe Bags $25M Round of Funding
NEW YORK, NY, Rapidly growing company that is revolutionizing the locksmith industry, today announced a new $25M round of funding.
KeyMe, the rapidly growing company that is revolutionizing the locksmith industry, today announced a new $25M round of funding led by Benefit Street Partners ('BSP'), an affiliate of Providence Equity Partners. This follows a $15M Series C round of funding in September 2016 led by QuestMark Partners and a $20M Series B round of funding in December 2015 led by Comcast Ventures, bringing total funding to date of $70M.
This new round of financing will support the company's expansion plan to add, on average, more than 50 new kiosks per week, bringing more than 3,000 next-generation kiosks to leading retailers by 2017. KeyMe kiosks can be found in retailers across the US, including: Bed, Bath & Beyond, Rite Aid, 7-Eleven, Albertsons, Kmart, Mall of America, Safeway and Sears.
'With $70 million in funding, KeyMe is well positioned to help tens of millions of consumers securely and conveniently copy keys at their local retailer, allowing them to skip costly, time-consuming detours to the hardware store or car dealership,' said Greg Marsh, founder and CEO of KeyMe. 'This new round of funding will help bring KeyMe to millions of consumers from coast to coast and make it easier than ever to copy almost any type of key.'
'KeyMe's expansion and exponential growth demonstrates the consumer demand for its innovative and industry-leading kiosks,' said Mike Paasche, Senior Managing Director of Benefit Street Partners. 'We are proud to partner with KeyMe and to be a part of its exciting growth. We anticipate the company will continue to be a positive force as it becomes an important player in a $7.5B industry and reinvents the way people make and manage their keys.'
The KeyMe kiosk is the first and only kiosk with the ability to support approximately 85% of all automotive keys on the market, including modern 'fob' automotive keys. Consumers have historically been forced to go to a dealer for such keys and often pay hundreds of dollars. This technology enables KeyMe to scan car keys at the kiosk, read the transponder, and ship a fully programmed copy with a shipment tracking code in under two days. Prices start at $19.99 for non-transponder keys and $69.99 for 'fob' and transponder keys. KeyMe can also replicate keys for watercraft, recreational, and commercial vehicles.
In a revolutionary advance in the industry, KeyMe enables customers to save digital copies of their keys in the cloud. Customers can then recover a copy simply and securely using their fingerprint at any kiosk nationwide if they ever lose their keys or are locked out. Customers can also use KeyMe's free iOS and Android apps to save their keys in the cloud, creating a seamless multi-platform experience. Keys can be saved via the app and accessed and printed at a kiosk in the event of a lockout, saving hundreds of dollars that would ordinarily be spent on an emergency locksmith visit.
In addition to convenience, KeyMe's advanced robotics and artificial intelligence technology produces key copies that are more accurate than the originals, whereas traditional key duplication services have 15-20 percent error rates as a result of their 'tracing' methodology. Customers can also use KeyMe's free, downloadable mobile app to safely scan and save a digital copy from anywhere, and either mail order copies to their door or print a copy at any KeyMe kiosk.
KeyMe has introduced new measures of security and control into key duplication and lockouts, services historically fraught with scams and unscrupulous emergency locksmiths. KeyMe provides accountability across the entire customer experience. For every key made, there exists a detailed transaction history, financial paper trail and fingerprint encryption at login. KeyMe provides a 'closed loop' security trail with its technology.
A full list of kiosk locations can be seen at www.key.me/kiosks
About Benefit Street Partners
Benefit Street Partners is a leading credit-focused alternative asset management firm with over $17 billion in assets under management. BSP manages assets across a broad range of complementary credit strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. BSP is in partnership with Providence Equity Partners, a leading global private equity firm with a combined $50 billion in assets under management. The BSP platform was established in 2008 and is based in New York. For further information, please visit www.benefitstreetpartners.com.
KeyMe is fundamentally transforming how people access and manage their keys, providing a safe and convenient way to copy and share keys and solve frustrating lockouts. The company has smart kiosks in major retailers that can copy keys in under 30 seconds, as well as a mobile application that enables customers to safely scan and save a digital copy of their key and order copies shipped to their door. KeyMe was founded in 2012 by Greg Marsh, and is funded by 7-Eleven Ventures, Battery Ventures, Comcast Ventures, the Polsky Family Office, QuestMark Partners, Ravin Gandhi, and White Star Capital, among others.
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