Smart Home Automation Company SmartRent Raises $60 Million

By Dan Anderson ● May 29, 2020
  • SmartRent, a provider of smart home automation for property owners, managers, developers, and residents, announced it raised $60 million in Series C funding

SmartRent — a provider of smart home automation for property owners, managers, developers, and residents — announced it has raised $60 million in Series C funding led by Spark Capital with participation from Fifth Wall, Energy Impact Partners, the Amazon Alexa Fund, Bain Capital Ventures, and RET Ventures.

Due to COVID-19, contactless experiences are required to address the needs of multifamily property owners/operators and their residents, real estate companies have been turning to smart home and smart access technologies to meet the new reality. And the growth of package shipping, product and food delivery, combined with the need for self-guided tours and contactless entry, is driving demand for SmartRent. Last year alone, the company saw 600% growth in the number of connected units.

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

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

In order to build on this momentum and help the company achieve its next growth stage, SmartRent is also announcing two significant leadership hires: Darian Hong is the company’s new chief financial officer and CJ Edmonds joins as chief revenue officer.

Key Quotes:

“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. 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.”

– SmartRent CEO and co-founder Lucas Haldeman

“The tailwinds of e-commerce, food and grocery delivery, and the broader digital economy were already significant entering 2020, resulting in widespread demand for hardware-agnostic smart home and access technology platforms like SmartRent. That demand has only accelerated as property owners and operators look for ways to make property tours contactless and handle deliveries in a seamless manner. We’re thrilled to partner with Lucas and the entire SmartRent team as they continue to help an entire segment of the economy digitally transform their operations and resident experiences.”

– Will Reed, General Partner at Spark Capital

“We see the potential for multifamily residential to be one of the next growth opportunities for smart home technology. Since becoming an investor in the Series B, we have been impressed with the SmartRent team’s approach to bringing smart home automation tools to renters, property owners and managers through a solution that easily integrates with existing property management workflows. Further, we share a common view on the role of contactless solutions such as Alexa-enabled devices in the smart apartment of the future and look forward to continuing to support them on the execution of their vision.”

– Paul Bernard, Director for the Alexa Fund

“SmartRent, led by Lucas Haldeman and his stellar team of technology and real estate experts, already achieved strong momentum before the pandemic hit, but social distancing has made SmartRent’s home automation solutions even more relevant. 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.”

– Merritt Hummer, Partner at Bain Capital Ventures

“The tenant-landlord relationship continues to evolve and in a post-COVID world, the trust between these two parties will be more important than ever. From self-guided property tours to digitized climate and access control, SmartRent provides a seamless, secure, and contactless tenant experience while helping landlords provide a safer and more connected community. We are thrilled to partner with Lucas and his team, and look forward to playing a role in SmartRent’s continued success.”

– Vik Chawla, Partner at Fifth Wall

“After years spent searching for a purpose-built solution to improve quality of life and drive energy savings in the multifamily market, we’re excited to have found a partner in SmartRent. We look forward to working with them and our utility partners to deliver the ideal experience for building owners, managers, and their tenants.”

– Lindsay Luger, Partner at Energy Impact Partners

“Lucas and the SmartRent team recognized early on the need for a single platform that integrates the growing number of smart home tools and provides a seamless interface for both the resident and property owner/managers. Since then, the team has successfully built on that vision to become the market leader in its category. With Spark Capital joining SmartRent’s investor base, the company has added a vital value-add investor that will help it continue to consolidate its market leadership among leading apartment owners and operators.”

– John Helm, Partner at RET Ventures