Boulder, Colorado-based minuteKEY, a network of self-service kiosk for accurate key duplication, has raised $83 million in funding. Comvest Partners was the investor. Lincoln International provided financial advice to minuteKEY on the transaction.
NEW YORK, Jan.10, 2018 /PRNewswire/ — minuteKEY, the world’s first and largest network of self-service kiosks for accurate key duplication, today announced that it has closed an $83 million capital raise, which was arranged by Lincoln International. Funds from the transaction will support minuteKEY’s impressive record of growth, as its latest generation of automated key duplication kiosks continues to roll out to retailers across the United States and Canada.
“We are excited to partner with Comvest to continue the expansion of the minuteKEY platform. The continued investment in our business will allow us to serve more consumers and will further solidify our market-leading position,” said Randy Fagundo, CEO of minuteKEY.
Greg Reynolds, a Partner at Comvest Partners, added, “We look forward to continuing to build our relationship with Randy and the minuteKEY team. They have built an impressive business that we are eager to support through the continued deployment of the latest generation kiosk.”
The third-generation kiosk builds on minuteKEY’s usability and product offerings and represents the next evolution in self-service key duplication technology. Like previous minuteKEY kiosk models, the third-generation kiosk provides quick and reliable self-service key duplication and has a simple and intuitive customer interface. Third-generation features include a smaller footprint, bigger screen and more key chutes to provide customers with additional key types and designs. minuteKEY has already rolled out its newest kiosk in select stores, and with the closing of the capital raise, minuteKEY will significantly ramp its production and rollout of this state-of-the-art machine.
Andy Volkmann, CFO of minuteKEY, commented, “This capital raise provides the flexibility and commitment needed to drive growth in the minuteKEY platform while offering an opportunity to partner with a highly regarded institution.”
Lincoln International acted as exclusive financial advisor to minuteKEY, helping to arrange and negotiate the capital raise.
minuteKEY makes the world’s first patented self-service, key duplication kiosk. As innovators in an age-old industry, minuteKEY founders invested several years developing the technology to create a highly accurate, secure and easy-to-use key-cutting device. Today’s kiosk, found in thousands of high-traffic retail locations in the United States and Canada including Walmart, Lowe’s and Menards, combines innovations in robotics, electronics and software engineering. minuteKey has copied over $140 million in keys to date and has been on the Inc. 5000 fastest growing company list for four consecutive years. See the minuteKEY website for more information and kiosk locations.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest Partners has invested over $2.9 billion in over 155 companies. Today, Comvest Partners’ funds have $2.8 billion of assets under management. Through its extensive capital resources and broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and joint venture and partnering advisory services on a wide range of transaction sizes. With nineteen offices in the Americas, Asia and Europe, Lincoln International has strong local knowledge and contacts in key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.