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SmartRent Raises Funds Through Series B Funding

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SmartRent Raises Funds Through Series B Funding

SmartRent secures $32 million through series B funding round to solidify their position in the multifamily industry

SmartRent recently closed a $32 million series B funding round. The funding was led by Bain Capital Ventures along with additional investment from RET Ventures and leading multifamily operators including UDR, Inc., Essex Property Trust, and Starwood Capital.

The fund will help SmartRent, leading smart home automation and internet of things platform startup for the multifamily industry, to further enhance its leadership position within the smart apartment market. SmartRent will focus on developing its resources and perform rapid, large-scale deployments.

SmartRent was founded by Lucas Haldeman and the startup is just two years old. It is a smart home automation platform for property managers and renters. The SmartRent solution aims to provide property managers with seamless visibility. They can effortlessly control their assets and also reap maximum benefits with their all-in-one home control offerings for residents.

SmartRent has more than 40,000 units currently installed and 66,000 additional units under agreement for 2019 with some of the largest multifamily real estate organisations in North America which suggests a 145 percent year-over-year increase. SmartRent enables apartment property owners and managers to save a large chunk of money. Thousands of dollars per property can be saved on operating costs.

This smart home platform represents the tech-infused lifestyles of residents and is considered a valuable amenity. UDR which is a multifamily real estate investment trust is among many large multifamily owners/operators that are using SmartRent’s end-to-end smart home technology solution to streamline operations, protect assets and enhance resident experience.

UDR views smart home technology as a key area of investment and has plans to implement a variety of SmartRent’s offerings including smart locks, thermostats, light switches and leak sensors in 20,000 units by the end of summer 2019. The deployment of SmartRent will boost top and bottom line growth for UDR. Residents are even willing to pay a premium for new smart home technologies connected and controlled through one application.

Jerry Davis, President and COO, UDR, said that the implementation of SmartRent’s smart apartment technology has garnered a positive response from residents and employees alike. Matt Harris, partner of Bain Capital Ventures said that smart home technology adoption within multifamily organisations is booming and SmartRent is undoubtedly the leader within the space.

Lucas Haldeman, CEO, SmartRent said that they are proud of the fact that so many innovators within the real estate, technology, and investment communities see the value in their platform and are committed to helping them grow.

“SmartRent continues to perform well as multifamily organisations 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.”

Source: Tech Startups

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