SmartRent Raises $32 Million to Support Large-Scale Deployments
SmartRent is excited to announce the closing of a $32 million Series B funding round led by Bain Capital Ventures, with additional investments from RET Ventures and other multifamily operator groups. As a leader in providing smart apartment technology for multifamily owners, managers and renters, SmartRent will use the round to invest in additional development resources and to advance our ability to perform rapid, large-scale deployments throughout the country.
Funding to Help Grow SmartRent
Bain Capital Ventures focuses their investments on high-growth enterprise software opportunities. The firm’s expertise in helping companies effectively scale will be valuable as we look toward our future installations. “Smart home technology adoption within multifamily organizations is booming, and SmartRent is the clear leader within the space,” Matt Harris, partner, Bain Capital Ventures said. “We are excited to partner with the SmartRent team to build a world-class business that capitalizes on a major market need.”
The Future of SmartRent
SmartRent Founder and CEO Lucas Haldeman is excited for what this funding means for the prospect of smart home technology. “We’re so early on and we’ve made great progress, but we want to make deep penetration into this industry,” said Haldeman. “We’re continuing to enhance our offering and we’re focused on growing and expanding.”
With over 40,000 units currently installed and 66,000 additional units under agreement for 2019, it is vital for us to continue providing quality and timely smart apartment deployments. This funding will ensure we have the tools, resources and technology to do so. UDR, Inc., a high-quality apartment home provider committed to providing outstanding service and amenities to its residents, identified smart home technology as a crucial investment focus for their communities and plans to have the SmartRent solution in over 20,000 units by the end of summer.
Haldeman appreciates that so many innovators within our industry see value in our platform and are committed to helping us succeed. “SmartRent continues to perform well as multifamily organizations that own and control more than 1.4 million units are either in the pilot process or are actively deploying the SmartRent solution across their portfolio,” Haldeman said. With the additional funding going toward the support of deployments, our main focus will be to provide owners, managers and residents with the best on-boarding experience. This includes updates to our software offerings as well as increased features for the resident app experience.
New Board of Directors Member
In addition to the funding announcement, we also welcome new board member, former Invitation Homes CEO, Fred Tuomi. In his 35-year career, Tuomi has served on numerous industry boards and executive committees- including the National Multifamily Housing Council, California Housing Council, California Apartment Association and the USC Lusk Center for Real Estate- as well as held executive positions at Starwood Waypoint Homes and Equity Residential. His industry expertise and leadership will provide valuable insight as we continue on our growth trajectory.