Me Too! Simtoo Gains Drone Funding In China From Renren
Simtoo, a Shenzhen-based drone manufacturer, has reportedly closed a RMB72 million funding round.
Chinese social networking company Renren Inc co-led the series B round in Simtoo along with Beijing Infinitas Interactive Media Co., Ltd. and Hanking Family Office.
Founded in April 2015, Simtoo launched its debut product called Dragonfly Drones priced at RMB2,999 last August.
Simtoo claims to have sold 20,000 Dragonfly Drones via online and offline channels and expects to realize a profit this year, according to a statement.
The Dragonfly Drones will be available to U.S. consumers next year via Best Buy, Toys "R" Us and other retail portals, as the company aims to expand its oversea sales to as much as 70% of total revenue.
Simtoo previously raised RMB20 million in series A funding round from Renren and another Chinese investor in September 2015.