KeyMe Raises $50 Million in Growth Financing
Capital to fuel rapid expansion of KeyMe's access services across the country
NEW YORK, April 10, 2019 (Newswire.com) - KeyMe, the leading robotics and AI company in the locksmith industry, today announced $50 million in growth financing from funds managed by the global credit team at BlackRock.
KeyMe provides residential, commercial and vehicle key duplication services from its network of over 2,300 smart kiosks deployed in leading retailers across the country. KeyMe is the industry’s highest-rated service provider with 4.8 out of 5.0 stars from over 20,000 reviews on Google, versus the industry average of 2.1. The infusion of capital will fund rapid expansion of the company’s kiosk footprint in both new and existing retailers, as well as the development of additional service offerings.
"Our team is focused on providing unrivaled customer experience in this $12 billion a year industry," said Greg Marsh, KeyMe CEO. "This new round of investment from BlackRock will allow us to further accelerate our product roadmap and increase our national reach as we bring our service to tens of millions of consumers and businesses.”
“KeyMe’s expanding roster of retail partners, growing national footprint and exceptional leadership team underlines the company’s strong service offering and value proposition,” said Jason Ridloff, managing director in BlackRock’s global credit team. “We are excited to support KeyMe’s next phase of growth with this investment, which offers our clients the potential for attractive risk-adjusted returns.”
KeyMe is fundamentally transforming key duplication and locksmith services for consumers and businesses. KeyMe smart kiosks are deployed in over 2,300 locations across leading retailers across 46 states, including (alphabetically): Acme, Albertsons, AutoZone, Bed Bath & Beyond, Brookfield, Dillons, Foodmaxx, Foodtown, Frys, Giant Eagle, GGP, Harmon Face Values, JLL Properties, Kmart, Kroger, Mall of America, Ralphs Grocery, Randalls, Rite Aid, Safeway, Save-A-Lot, Save Mart, Sears, Simon Malls, Starwood, Tom Thumb, UNFI, Vons and 7-Eleven, among others.
KeyMe kiosks are the first and only kiosks with the ability to duplicate the majority of vehicle and RFID keys on the market. The smart kiosks copy keys in under 30 seconds, at a rate that is 10 times more accurate than the industry average. In addition, KeyMe’s iOS and Android mobile applications enable customers to safely scan and save a digital copy of their key, making them accessible on demand.
KeyMe investors include Battery Ventures, BlackRock, Comcast Ventures, Questmark Partners, River Park Ventures and White Star Capital.
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