SmartRent Closes $60 Million To Expand Smart Home Solutions

SmartRent Closes $60 Million To Expand Smart Home Solutions

by NeoTech Post

SmartRent, a smart home automation solution provider, closed a $60 million Series C funding round.

Spark Capital led the round with participation from Fifth Wall, Energy Impact Partners, the Amazon Alexa Fund, Bain Capital Ventures, and RET Ventures. 

SmartRent offers a range of connected, brand-agnostic solutions designed to give multifamily property owners, managers, and residents more efficiency, convenience, and security protection across their property. Solutions include the Alloy Fusion all-in-one touchscreen hub and thermostat, the newly launched Alloy Access for access control, and self-guided tours. 

Many companies, including Essex Property Trust, MAA, and Aimco, use SmartRent to connect, automate, protect, and manage tens of thousands of housing units nationwide.

SmartRent also announced two leadership hires. Darian Hong is the company’s new chief financial officer, bringing decades of experience overseeing financial operations at high-growth technology companies. CJ Edmonds joins as chief revenue officer to support the company’s next stage of growth and evolution.

Merritt Hummer, Partner at Bain Capital Ventures, said: “SmartRent’s software enables property managers to remotely manage building access, allowing maintenance staff and prospective tenants to enter apartments with one-time access codes; in addition, SmartRent’s mobile app provides renters benefits such as keyless entry and smart home controls. SmartRent’s mission is to become the de facto property management platform for residential real estate and we are excited to support the company in that endeavor.”

“This round of funding will enable our next phase of growth as we expand our portfolio to ensure more homes can benefit from a seamless smart home experience,” said Lucas Haldeman, CEO and Co-founder of SmartRent. “With this latest funding round and new executive hires, we will continue to evolve our offerings to support the multifamily and housing industry amid a challenging economic period and an increasingly digital society.”

Image by Gerd Altmann from Pixabay