News

Colorado's minuteKEY secures $81M for expansion

Boulder, Colorado, company minuteKEY has secured $30 million in funding from Main Street Capital Corp. to expand business in the U.S. and Canada.

October 2, 2014

Boulder, Colorado, company minuteKEY has secured $30 million in funding from Main Street Capital Corp. to expand business in the U.S. and Canada.

The company plans to use the funds to increase self-service key-duplicating kiosks in high-traffic retail areas. Including previous funding, minuteKEY has secured more than $81 million.

"This new capital infusion gives minuteKEY the ability to continue to aggressively pursue our business plan, and we're pleased that Main Street shares our enthusiasm and confidence in this business," minuteKEY CEO Randy Fagundo said in the announcement. "It's rewarding to see the acceptance of our service grow among retailers and consumers. Today we have thousands of kiosks on the ground and recently cut our 20 millionth key; we look forward to substantially growing those numbers in the future." 

The company estimates that 600 million keys are produced annually from the kiosks.

Users of minuteKEY interact with a touchscreen station to insert a key and select the design and number of keys needed. The turnkey solution spits out the product in about 60 seconds, the company said.