SEATTLE, March 16, 2021 /PRNewswire/ -- Deako Lighting today announces the completion of its Series-B financing round, raising an additional $12.5MM in growth capital funding. Deako plug-n-play light switches, contracted to be installed into 1 out of every 8 new single-family homes built in the U.S., are rapidly becoming adopted by home builders as an industry-standard in new home construction. To date, the company has raised $36MM in total funding.
Deako will use the new capital to add distribution partners, increase production capacity; and expand its array of plug-n-play light switch products to also meet the needs of multi-family and custom home builders.
'Deako has secured exclusive supply agreements from high-volume home builders to include our light switches in every home they build. With commitments to be installed in 1 out of 8 new single-family homes, Deako is experiencing unprecedented growth. These agreements are driving double-digit monthly compound revenue growth, while adding two new markets weekly,' said Deako founder and CEO Derek Richardson.