- This smart home automation company that is used by multifamily property managers and renters has raised $32 million in Series B
- Bain Capital led this round and they were joined by RET Ventures, UDR, Inc., Essex Property Trust, and Starwood Capital
SmartRent is a smart home automation company used by multifamily property managers and renters that recently closed $32 million in Series B funding led by Bain Capital Ventures with additional investment from RET Ventures and multifamily operators such as UDR, Inc., Essex Property Trust, and Starwood Capital.
This round of funding will be used for accelerating the company’s position within the smart apartment market. This will be done by investing in additional development resources and optimizing the ability to perform rapid and large-scale deployments.
Currently, SmartRent has over 40,000 units and 66,000 additional units under agreement for 2019 — which is a 145% year-over-year increase including some of the largest multifamily organizations in North America.
SmartRent is known for providing the technology lynchpin that enables apartment property owners and managers to save thousands of dollars per property on operating costs while driving increase revenue as its smart home platform reflects the tech-infused lifestyles of residents and it is considered a valuable amenity.
“We’re proud that so many innovators within the real estate, technology, and investment communities see the value in our platform and are committed to helping us grow,” said SmartRent founder and CEO Lucas Haldeman in a statement. “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. This round of funding will help SmartRent accelerate these deployments and develop additional capabilities to solidify our leadership position in what is quickly becoming a must-have technology for the multifamily industry.”
Former Invitation Homes CEO Fred Tuomi is also joining SmartRent’s board of directors. In Tuomi’s 35-year career, he solidified himself as an innovative leader within the residential rental industry by working in executive positions at Starwood Waypoint Homes and Equity Residential while also serving on a number of boards like the National Home Rental Council, National Multifamily Housing Council, California Housing Council, California Apartment Association, and the USC Lusk Center for Real Estate. And he currently serves on the advisory board of the Neighborhood Investment Company and Cure Violence.
“Smart home technology adoption within multifamily organizations is booming, and SmartRent is the clear leader within the space,” added Bain Capital Ventures partner Matt Harris. “Our firm’s expertise in helping emerging technology companies effectively scale in large markets perfectly aligns with SmartRent’s aspirations for expansion. We are excited to partner with the team to build a world-class business that capitalizes on a major market need.”
Not only is UDR an investor in SmartRent, but the company is also among many large multifamily owner/operators utilizing SmartRent’s end-to-end smart home technology solution for streamlining operations, protecting assets, and enhancing the resident experience. And UDR identified smart home technology as a key area of investment and is planning to implement a variety of SmartRent’s offerings like smart locks, thermostats, light switches, and leak sensors across 20,000 units by the end of summer 2019.
UDR’s SmartRent deployment is going to boost the top- and bottom-line growth for the multifamily organization as residents are willing to pay a premium for new smart home technologies connected and controlled through one application and the technology offers significant benefits to controllable expenses.
“Since implementing SmartRent’s smart apartment technology, the feedback from residents and employees alike has been very positive,” explained UDR COO and president Jerry Davis. “With SmartRent’s help, UDR continues to be on the forefront of innovation and addressing our customers’ wants.”
