Key cutting firm IconX unlocks £4.6m investment
Company behind ‘My Key Machine’ expects investment to fuel four-fold increase in its 370 network of machines
IconX, a manufacturer of semi-automated key cutting machines, has secured £4.6m in growth capital from clients of Connection Capital.
Established in 2010, IconX is the company behind the ‘My Key Machine’, which it claims can scan and cut more than 90% of the UK’s domestic key range.
With clients including Asda, Morrison, Homebase, and The Range, the machines take up minimal floor space and remove the need for skilled labour. The company has over 370 machines across the country.
The funding will be used to accelerate production and boost marketing activities to increase the volume of keys cut per week. IconX expects to see a four-fold increase in the number of machines installed, with the potential for more than 2,000 nationwide.
David Horsfall, managing director of IconX said:
“This is a very exciting inflection point in our journey. Securing this backing from Connection Capital will open the door for us to drive the business forwards, expanding capacity to keep pace with demand, increasing our reach and our client base, whilst continually developing a high-quality, well-engineered product, that fits our customers’ needs.”
Pascal Wittet, investment director at Connection Capital, commented: “Our clients spotted the opportunity value in IconX immediately: this is a profitable operation with significant growth potential, whose unique product is well ahead of the competition and whose business model is win-win for the company and its customers alike.”