Growth Factor
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.“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.” -Derek Richardson, CEO and Founder of Deako
Value to the market
Deako, now with six different manufacturing partners located in three countries, projects production capacity to grow by more than 400% by year-end, with continued similar growth in 2022. Deako makes both simple and smart plug-n-play switches that can be changed within seconds by anyone, without hiring an electrician. Low-cost, Deako simple switch products are affordable enough that any builder can include them standard throughout the home. With a wide variety of personalized options, Deako serves the needs of a broad spectrum of homebuyers looking to add dimmers, smart switches; or create a whole-home smart lighting experience. ‘We’ve had overwhelming interest from electricians looking to buy and install Deako and are adding approximately 10 new electricians per week across the country. To meet the need we have expanded our distribution presence nationally,’ said Wes Nicol, Deako Chief Operating Officer.
