Phone accessory company Casetify has inked its first-ever external investment, attracting an undisclosed “eight-figure” US dollar amount from C Ventures.
The U.S.-based, Hong Kong-founded Casetify received the investment in a Series A funding round from the Hong Kong-based venture capital firm owned by entrepreneur, Adrian Cheng.
“We look forward to helping them extend that success further through our powerful global network,” said Cheng, who is also the CEO of New World Development.
Cheng added that Casetify aligns with the vision of C Ventures to create a cultural ecosystem that targets millennials and Gen Z. The undisclosed investment amount will give Cheng a 10 percent stake in the Casetify, which was founded in 2011 by Wesley Ng, who is also the company’s CEO.
“This investment by C Ventures is exciting for us because Adrian’s commitment to creativity, arts and culture perfectly aligns with Casetify’s mission of building creative communities all around the world,” said Ng.
Casetify said it will use the funds to accelerate sales growth, open more retail stores globally, and fund potential acquisitions. The personalised tech accessories company also plans to expand within New World’s shopping malls and art galleries, operating under the K11 Lifestyle brand, founded by Cheng in 2009.
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Making its debut ten years ago, Casetify reportedly broken even in its first year of operation. It has since opened seven stores in Hong Kong and one in Japan, with plans to open in the U.S.