SmartRent,
the smart home automation platform company for multifamily property
managers and renters, today announced it has closed a $32 million Series
B funding round 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 round is intended to
help the company bolster its leadership position within the smart
apartment market by investing in additional development resources and
optimizing its ability to perform rapid, large-scale deployments.
SmartRent has more than 40,000 units currently installed and 66,000
additional units under agreement for 2019 – a 145% year-over-year
increase – with some of the largest multifamily organizations in North
America.
SmartRent provides the technology lynchpin that enables apartment
property owners and managers to save thousands of dollars per property
on operating costs while driving increased revenue as its smart home
platform reflects resident’s tech-infused lifestyles and is considered a
valuable amenity.
UDR,
a leading multifamily real estate investment trust, is among many large
multifamily owner/operators utilizing SmartRent’s end-to-end smart home
technology solution to streamline operations, protect assets, and
enhance resident experience. UDR identified 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.
UDR’s SmartRent deployment will boost 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,” said Jerry
Davis, President and COO, UDR. “With SmartRent’s help, UDR continues to
be on the forefront of innovation and addressing our customers’ wants.”
“Smart home technology adoption within multifamily organizations is
booming, and SmartRent is the clear leader within the space,” said Matt
Harris, partner, Bain Capital Ventures. “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.”
In addition to Bain Capital Ventures providing support for SmartRent,
former Invitation Homes CEO Fred Tuomi will be joining the company’s
Board of Directors. Throughout his 35-year career, Tuomi solidified
himself as an innovative leader within the residential rental industry
by serving in executive positions at Starwood Waypoint Homes and Equity
Residential while also serving on numerous industry boards and executive
committees, including the National Home Rental Council, National
Multifamily Housing Council, California Housing Council, California
Apartment Association, and the USC Lusk Center for Real Estate. He
currently serves on the advisory board of the Neighborhood Investment
Company and Cure Violence.
“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 Lucas Haldeman, CEO, SmartRent.
“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.”
About Bain Capital Ventures
Bain
Capital Ventures partners with disruptive founders to accelerate
their ideas to market. The firm invests from seed to growth in startups
driving transformation across industries, from security and cloud
infrastructure to logistics and e-commerce to finance and healthcare.
The firm has helped launch and commercialize more than 240 companies,
including DocuSign, Jet.com, Kiva Systems, Lime, LinkedIn, Rapid7, Redis
Labs, Rent the Runway, Rubrik, SendGrid and SurveyMonkey. Bain Capital
Ventures has $5.2 billion in assets under management with offices in San
Francisco, New York, Boston and Palo Alto. Follow the firm via LinkedIn
and Twitter.
About SmartRent
Founded in 2017, SmartRent is a smart home
automation platform company for property managers and renters. The
SmartRent solution is designed to provide property managers with
seamless visibility and control over all their assets while delivering
additional revenue opportunities through all-in-one home control
offerings for residents. For more information please visit smartrent.com.
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