SmartRent Raises $60 Million to Expand Smart Home Solutions
We are pleased to announce the closing of our series C funding round led by Spark Capital with participation from Fifth Wall, Energy Impact Partners, the Amazon Alexa Fund, Bain Capital Ventures and RET Ventures. This $60 million funding will be instrumental in the continued success and growth of SmartRent’s smart home automation solutions.
Smart Home Expansion
We are excited for the opportunity to expand our product offerings, develop new solutions to solve industry pain points, and provide renters and homeowners with the home automation technology they desire most. We look forward to forming new partnerships with other technology platforms you already know and love.
“This financial backing allows us to improve and expand our product, infrastructure and teams that have provided our amazing growth so far," said Demetrios Barnes, chief operating officer and co-founder of SmartRent. "This funding bolsters our momentum and rise as a clear leader in enterprise smart home automation solutions."
A Smarter Future
Since our founding in 2017, we've raised over $102 million in funding and we have over 200 employees nationwide to help support the growing needs of the market.
We also experienced 600 percent growth year-over-year in 2019. “Even with the COVID-19 pandemic preventing SmartRent from going into multifamily communities to install the system, it is on track to grow this year,” said Lucas Haldeman, founder and CEO of SmartRent.
We have introduced a scalable self-guided tour solution, expanded into new markets and recently launched our community access control system, Alloy Access. Each of these solutions came from many working hours of strategic planning and development. As we leverage our recent round of funding, we aim to implement new product development and innovation. We are aiming to be in at least five new countries and double our growth by 2021.
SmartRent’s goal is to provide property managers, owners and operators with the best in smart home automation so they can best serve their residents. We are already installed at communities across 38 states and are running pilots in Ireland, the United Kingdom and Western Europe. If you’re interested in learning more about our offering, send us a note.
Read our official press release or check out even more coverage:
- HousingWire, Ben Lane: Amazon among companies helping apartment platform SmartRent raise $60 million
- Axios, Dan Primack: Newsletter: Newsletter: Axios Pro Rata
- PitchBook, Staff: SmartRent snags $60M Series C
- WSJ Pro VC Daily, Marc Vartabedian: Bird Sued Over Alleged Safety Failings; Glossier Furloughs; AbCellera Funded for Antibodies
- Commercial Observer, Chava Gourarie: Smart Home Startup SmartRent Closes $60M Series C Round
- Crunchbase, Sophia Kunthara: Scottsdale’s SmartRent Lands $60M Series C
- FinSMEs, Staff: SmartRent Raises $60M in Series C Financing
- Fortune, Lucinda Shen: "Term Sheet" Newsletter: Autonomous vehicles make sense in the coronavirus. But they’re hurting
- Medium, Will Reed (Spark Capital blog post): Welcome, SmartRent
- PE Hub/Venture Capital Journal, Iris Dorbian: SmartRent reels in $60M Series C
- Phoenix Business Journal, Corina Vanek: Scottsdale real estate tech firm to hire, develop products after raising $60 million
- The Real Deal, E.B. Solomont: Smart-home startup raises $60M with multifamily play
- VentureBeat, Kyle Wiggers: SmartRent raises $60 million to manage connected buildings
- Business Insider, Alex Nicoll: A smart home startup just raised $60 million from Amazon, Fifth Wall, and Bain days after launching an app that lets residents give remote access for deliveries, guests, and self-guided tours
- VoiceBot.AI, Eric Hal Schwartz: Smart Home Startup SmartRent Closes $60M Funding Round