CE Brands Raises US$8M From Choco Up To Fuel Growth and R&D
Leading revenue based financing and growth platform Choco Up announced today a US$8 million in funding to CE Brands (TSXV:CEBI), a Canadian technology company that designs, manufactures, and sells consumer electronics in partnership with the world’s leading brands. The funding will be used to support the growth of product orders and manufacturing by CE Brands.
Founded in 2012, CE Brands develops products with leading manufacturers and iconic brand licensors by utilizing proprietary data which identifies key market opportunities. With sales today in over 70 countries, their innovative, highly repeatable process, called the CE Method, has created an optimal growth path for CE Brands to be the premier global licensed brand manufacturer., CE Brands has been able to achieve strong growth and has forged exclusive partnerships with major brands such as Kodak and Motorola, as well as technology partnerships with Wear OS by Google, LifeQ and Qualcomm.
Against a backdrop of a global business landscape that has been disrupted by the ongoing pandemic, Choco Up’s up-to US$8 million non-dilutive investment will allow CE Brands to continue its strong growth trajectory.
The availability of this financing provides support for CE Brands plan to rapidly add new product lines in the current fiscal year. CE Brands will continue to focus on developing its core business lines and primary technology, a proprietary AI system that drives its ability to identify consumer electronics market opportunities.
Additionally, the collaboration strategically enables CE Brands to tap into the growing Asian economy with Choco Up’s localised expertise in the Asia-Pacific market. The company currently has 11 regional subsidiaries, with product offerings spanning 70 countries globally.
"CE Brands is an amazing company with incredible growth potential," said Percy Hung, Co-founder and CEO of Choco Up. "Its proprietary AI and CE Method are game-changers in the field, and we look forward to helping them expand in the Asia Pacific region and see them bring to life new consumer electronics that enhance the lives of everyday consumers."
“Today’s announcement is another example of a high-calibre, institutional-grade investor joining forces with CE Brands and our mission to become the premier global licensed brand manufacturer,” said Craig Smith, founder and CEO of CE Brands group. “This is an important milestone for CE Brands to increase the company's ability to increase the manufacturing orders along our planned trajectory; we look forward to working with the Choco Up’s team and benefiting from their expertise in helping grow our sales in Asia.”