Boulder-based minuteKEY, a maker of self-service machines to copy house keys, has raised an additional $10 million in funding, according to documents filed Wednesday with the Securities and Exchange Commission.
Five investors contributed to the round, which consisted of equity, Series B preferred stock and underlying shares of common stock, according to the filing.
The money will be put toward expanding the company's growing presence across North America and turn what now are pilot programs with retailers into full rollouts, said Randy Fagundo, minuteKEY's chief executive officer.
"We substantially rolled out Lowe's in the last year," he said. "(Lowe's and other pilot retailers) certainly are very pleased with the program and the results that they've seen to date, as are we."
The latest financial infusion lands a year after minuteKEY secured $10.6 million in growth equity from Serent Capital and Matrix Partners.
At the time, minuteKEY had about 100 machines in Colorado, California, North Carolina and South Carolina. Company executives said the $10.6 million would allow the firm to bring about 600 of its duplication kiosks online.
During the past year, minuteKEY has vastly broadened its reach. The company has 1,200 kiosks in about 36 states, Canada and Puerto Rico in stores such as Lowe's, Walmart and Fry's Electronics.
The privately held minuteKEY was founded in 2008 in California and relocated to Boulder in 2010.
Since its founding, the company has raised more than $25 million in funding, according to SEC filings.
Contact Camera Business Writer Alicia Wallace at 303-473-1332 or [email protected].
