China’s leading home appliance manufacturer Dreame has recently raised US$563 million (about 3.6 billion yuan) in a Series C financing round. The funding round was led by Dreame’s existing investor Huaxing Growth Capital along with participation from alternative asset manager CPE and real estate developer Country Garden’s investment arm Country Garden Venture Capital.
The financing round was also joined by new investors including Alibaba Jack Ma’s Yunfeng Capital, Stoneylake Asset, Harvest Capital Management, Xingyun Group’s Skywalker Capital, Shenzen-based Fortune Capital, and Taikang Asset Management.
Returning investors IDG Capital, Shunwei Capital, and Xiaomi Corporation made follow-on investments.
Dreame backed by Xiaomi Corporation will be using the fresh funding to build up its technology and ramp up hiring.
Founded in 2017, Dreame manufactures smart home appliances that include premium hairdryers and vacuum cleaners at a lower cost as compared to pioneer brand Dyson. Dreame operates its own label and makes Xiaomi-branded vacuums thus enjoying the security of Xiaomi distribution while building its name at the same time.
The Suzhou-headquartered company has developed its presence in the international markets besides making its mark in the home country. The startup has launched its operations online through Amazon stores in the United States, Italy, Germany, and Spain.
The startup has developed its online sales through JD.com, Tmall, Pinduoduo, Xiaomiyoupin, Suning, and others. The company also allows its users to buy products through dream-store.ru., and Aliexpress.
Dreame has recently launched one of its flagship products, T30 vacuum cleaner, which has a record output of 27 pa. The equipment also includes adjustable carbon fiber tube which can be removed to create a hand-held vacuum cleaner. It also has a smart HD display where users can conveniently view the functions.
The Beijing-based startup also counts HouTian Capital, Peak Valley Capital, technology-led Lantern Capital, and consumer-driven Edge Ventures among its investors.