MinuteKey Raises $10.6M from Serent Capital and Matrix Partners

Boulder-based MinuteKey, maker of self-service key duplication machines, has raised $10.6 million in funding led by Serent Capital, the San Francisco-based private equity firm, and including participation from MinuteKey’s existing venture investor, Matrix Partners.

PRESS RELEASE:

minuteKEY, maker of the world’s first self-service key duplication machine, today announced that it has received growth equity in a round led by Serent Capital, with existing investor Matrix Partners also participating. The company will use funds to expand its presence with leading retailers nationwide.

“The investment from Serent Capital and ongoing support from Matrix Partners signifies a major milestone in the growth of our company,” said minuteKEY CEO Randy Fagundo. “These firms have exceptional experience in scaling businesses so that they can meet their market potential. As we enter into our next phase, their guidance will be invaluable in helping us to exceed our goals.”

Founded in 2008, minuteKEY is revolutionizing the key duplication industry by changing the way customers duplicate keys – transforming an inconvenient and labor intensive process into a simple turn-key solution. Customers simply walk up to a minuteKEY kiosk, and using a touchscreen, select the style and number of keys they need. Upon making their payment and inserting the key for duplication, new keys are accurately cut in approximately 60 seconds. Today, minuteKEY machines are located in high-traffic locations of some of the nation’s largest retailers.

“With a great product for consumers and marquee retailers who are enthusiastic about deploying minuteKEY kiosks, we are excited to partner with Randy and the rest of the minuteKEY team to help them drive further innovation and growth,” said Kevin Frick, co-founder and General Partner of Serent Capital.

“Randy and his team have spent years creating a high-tech, highly accurate self-service key duplication machine that benefits consumers and retailers,” said Dana Stalder, General Partner at Matrix Partners. “We look forward to helping minuteKEY bring its kiosks to more retailers across the country so that consumers everywhere can get a personalized key made on-the-fly and host stores can benefit from the additional foot traffic.”

For more information about minuteKEY please visit www.minutekey.com.

About minuteKEY

Founded in 2008, minuteKEY makes the world’s first self-service key duplication machine. The minuteKEY founders spent several years fine-tuning the technology to create a highly accurate, reliable and easy-to-use key-cutting device. The finished product is a high-tech achievement, combining innovations in robotics, electronics and software engineering and was presented with the New Product Launch Spotlight Gold Award at the 2011 National Hardware Show. Today, minuteKEY machines are located in high-traffic locations of some of the nation’s largest retailers.

More information can be found at www.minutekey.com.

About Serent Capital

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with it. At Serent Capital, we are experienced at capturing those opportunities and navigating the challenges, as we’ve seen them first-hand. Our principals’ experience includes roles as CEOs, strategic advisors, and board members to successful, growing businesses. By bringing our experience and capital to bear, we help growing businesses thrive. We are highly selective, choosing to invest in only a handful of businesses each year. Our selectivity ensures that all our companies receive the attention and expertise that they need.

More information can be found at www.serentcapital.com.

About Matrix Partners

Matrix Partners is a premier venture capital firm that has generated outstanding returns for over three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Gilt Groupe, JBoss, Netezza, Phone.com, Starent Networks, Sycamore Networks, Veritas, Zendesk, and Zong.

More information can be found at www.matrixpartners.com.

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