Boulder-based minuteKEY makes self-service kiosks for duplicating keys. Courtesy minuteKEY.

Boulder-based minuteKEY raises $83 million

BOULDER — MinuteKEY, the Boulder-based company that makes self-service kiosks for key duplication, closed on an $83 million capital raise.

The funds will go to supporting minuteKEY’s growth as it rolls out to retailers in the U.S. and Canada.

The funds were raised in partnership with Comvest Partners, a private investment firm with $2.8 billion in assets under management.

“We are excited to partner with Comvest to continue the expansion of the minuteKEY platform,” Randy Fagundo, CEO of minuteKEY, said in a prepared statement. “The continued investment in our business will allow us to serve more consumers and will further solidify our market-leading position.”

MinuteKEY is on its third-generation kiosk, which has reliable self-service key duplication with a smaller footprint, bigger screen and additional key chutes to give customers more key types and designs they can make.

With the capital raise, minuteKEY plans to ramp up its rollout and production of the third-generation machines.

“This capital raise provides the flexibility and commitment needed to drive growth in the minuteKEY platform while offering an opportunity to partner with a highly regarded institution,” Andy Volkmann, chief financial officer of minuteKEY, said in a prepared statement.

MinuteKEY raised $42.5 million in three different rounds from 2012 to 2016.