EcoFlow, unlike many hardware companies who only expand outside of China after establishing their products at home, went after international markets right away. It began in Japan, a country prone to natural catastrophes and famed for its tech-savvy people. Among the 100-plus markets EcoFlow ships to, Japan and the United States are the two biggest income generators. EcoFlow recently began marketing its battery solutions in China, where a burgeoning middle class has shown an interest in luxury camping. Wang said the business is also looking into potential in emerging regions like as Asia, Africa, and Latin America, where it aims to provide “cheap” solutions to homes experiencing power outages.
When asked how EcoFlow gained a footing in global markets, Wang, who draws inspiration from Tesla and Apple, suggested the apparent but difficult playbook: understand your consumers. “Inside the company, we joke that ‘the consumers are never wrong.'” It has to be us if something goes wrong.” EcoFlow has a reasonably international office in Shenzhen, a complete on-the-ground team in Japan, a small but increasing force in the United States, and is shortly hiring in Europe to put the adage into effect. EcoFlow employs nearly 1,000 people worldwide, encompassing the whole value chain from R&D (which employs 40% of the company) through after-sales support.
While many Chinese consumer tech businesses are finding it more difficult to expand internationally as geopolitical tensions threaten to place them in the crosshairs of other governments, such as TikTok and Huawei, Wang does not view this as a problem. “At the end of the day, people will pay for a decent product, which is why I enjoy working in the B2C area,” the entrepreneur asserted. “Moreover, our goods contribute to environmental sustainability, which is a global ideal that may resonate with people all across the world.”
EcoFlow Tech has raised a total of $114.4 million in four rounds of investment. Their most recent fundraising came through a Product Crowdfunding round on September 1, 2021 EcoFlow Tech is backed by a total of thirteen investors. The most recent investors are Sequoia Capital China and CICC. According to PrivCo, EcoFlow Tech has a post-money valuation of $1B to $10B as of June 1, 2021. Sign up for a free trial to see the actual value of a company and to look other firms with comparable values.