SwiftConnect announced the closing of a $37 million Series B funding round to expand its access network and connect people to the right place at the right time. The latest investment round is led by Quadri Ventures, with participation from new investors HID (part of ASSA ABLOY), Egis Capital Partners, and Klingenstein Fields Advisors. And returning investors include Crow Holdings, JLL Spark, Navitas Capital, Tanzola Corp., and Spring Rock Capital. With this round, SwiftConnect has raised $74 million in total funding.
Along with expanding the company’s access network, the funding will be used to scale operations, drive geographic expansion, and support new product initiatives. SwiftConnect can automate, centralize, and digitize access management, user provisioning, and credential lifecycle management.
This gives people the freedom to use their mobile access pass in NFC wallets and any other credentials to conveniently access buildings, offices and enterprise resources, amenities, and much more–regardless of the existing access control, identity management and building systems in place.
SwiftConnect is live in hundreds of millions of square feet across multiple types of customers and vertical markets worldwide. And the company’s current customer base represents a potential opportunity of over a billion square feet of office space and more than two million users. SwiftConnect’s market traction includes:
— Deployments of NFC wallets for access at Fortune 100 organizations, leading pharmaceutical companies, multiple global financial institutions, multinational professional services companies, and many of the world’s largest technology companies.
— A rapid international expansion with notable European corporations and various buildings and portfolios, such as British Land properties, 8 Bishopsgate in London, and MARK’s 60 Dawson Street in Dublin.
— A continued leadership in the US with the industry’s first deployment of corporate badge in Google Wallet, following the world’s first deployment of NFC wallet for access at Silverstein’s 7 World Trade Center, and implementations across multiple properties in the Hines portfolio, Bridge Commercial Real Estate properties, and numerous other buildings.
After SwiftConnect’s acquisition of Detrios, the company recently purchased UK-based FlitchTech to expand the ability to provide highly complex access control integration services across multiple continents, while increasing its footprint in the higher education vertical. And SwiftConnect has also extended its expertise into the high-end multifamily rental market and has completed deployments in North America.
The company’s momentum is powered by its AccessCloud platform, the backbone of the SwiftConnect access network. Built for interoperability, the platform integrates mobile wallets, credential technologies, readers, locks and devices, access control systems, identity providers, and other business systems that govern physical access across multiple locations worldwide.
KEY QUOTES:
“We are thrilled to make a significant further investment in SwiftConnect, recognizing the company’s innovative solution for physical access, driven management team, and viral market adoption with major enterprise brands and real estate customers. We are fully committed to supporting SwiftConnect’s next phase of growth as we embrace its transformative vision of being the global network for access to everything people need, when they need it.”
– Chris James, Managing Partner at Quadri Ventures, a venture capital firm focused on enterprise software
“Our Series B fundraise signals strong and ongoing investor confidence in SwiftConnect as we continue to reshape the physical access paradigm. As the network that powers a hassle-free experience for accessing places, spaces and things, SwiftConnect combines our vast partner ecosystem and vendor-neutral SaaS platform with our customer base of multinational organizations, iconic commercial real estate properties and portfolios, and other organizations to deliver the future of truly connected access and identity management. The new funding will continue to drive our leadership position in making seamless and secure access to anywhere possible so people can more easily access the most important things in their lives.”
– Co-CEOs Chip Kruger and Matt Kopel of SwiftConnect
“We have been excited to follow SwiftConnect’s growth over the years and now, as an investor, are happy to support their continued development of technology for seamless access experiences. This investment demonstrates our commitment to accelerating the adoption of mobile access technology and credentials across a variety of industries and use cases.”
– Björn Lidefelt, EVP and Head of HID
“We are very excited to add SwiftConnect to our portfolio as our fourth investment in the access control space. We were attracted to SwiftConnect because of their unique position at the intersection of physical and logical access technologies, as well as their demonstrated ability to maximize the value of installed systems based on their technical leadership in credentials and mobility. We are proud to back this excellent management team as they accelerate the growth of their global network.”
– Robert Chefitz, Founder and Managing Partner, Egis Capital Partners
“When we led SwiftConnect’s Seed round, we believed in SwiftConnect co-founders Chip Kruger and Matt Kopel’s unique vision and strategy for creating a cloud-based access network for the industry. We are thrilled to continue to support SwiftConnect in their Series B. It’s amazing to see the traction the company continues to amass amongst global enterprises and the largest property owners–empowering them with truly digital access to the physical world.”
– Louis Schotsky, Managing Partner at Navitas Capital
