C Ventures, the venture capital firm founded by Adrian Cheng, said that it made an eight-figure U.S. dollar investment in tech accessories brand Casetify, marking the Hong Kong-based company’s first-ever external funding since it was founded in 2011.
Casetify embodies the vision of C Ventures to create a cultural ecosystem that targets millennials and Gen Z, Cheng said in a statement on Wednesday. “We look forward to helping them extend that success further through our powerful global network,” he added.
Cheng is the CEO of New World Development, the Hong Kong-listed property giant with a market cap of $13.2 billion. Founded by his late grandfather Cheng Yu-tung in 1970, the younger Cheng is now aiming to disrupt the 50-year-old conglomerate with a focus on art and culture that will appeal to younger generations.
“This investment by C Ventures is exciting for us because Adrian’s commitment to creativity, arts and culture perfectly aligns with Casetify’s mission of building creative communities all around the world,” said Casetify’s cofounder and CEO Wesley Ng.
The investment will give C Ventures a nearly 10% of stake in Casetify. The company said it plans to use the capital to accelerate sales growth, open more retail stores globally, and fund potential acquisitions. Casetify intends to expand its network within New World’s shopping malls and art galleries that operate under the K11 lifestyle brand Cheng established in 2009.
Founded a decade ago, Casetify is said to be one of the first and largest global platforms for personalized tech accessories. The company offers a wide range of phone cases and electronic accessories in collaboration with top artists like BTS, Pharrell Williams and Jean-Michel Basquiat, as well as global brands like NBA, Disney and Pokemon.
Casetify said it became profitable within the first 12 months after launching its business. It reported a revenue of about $310 million in 2020.
With its social media-centric marketing strategy, Casetify has built a massive following among millennial consumers. Its distinctive and wide ranging designs have brought the company 2.4 million followers on Instagram.
Casetify has managed to launch seven brick-and-mortar shops across Hong Kong since 2019 in spite of a general slump felt by the city’s wider retail market. Casetify’s network includes a flagship store at the Landmark luxury shopping mall and what it calls a brand history museum at K11 Musea. Casetify also has an outlet in Japan, and is currently looking to expand to the U.S.