SmartRent Raises $5M in Funding to Bring Smart Apartment Automation to the Multifamily Rental Industry
With More than 50,000 Apartments Being Brought Online by 2019, Series A Investment to Support SmartRent’s Rapid Growth and Large-Scale National Deployments
Phoenix, AZ – November 13, 2018– SmartRent, the smart home automation platform company for property managers and renters, today announced it has closed a $5 million funding round led by Real Estate Technology Ventures (RET Ventures). The round brings SmartRent’s total funding to more than $10 million to date to help fuel the company’s accelerated growth and large-scale national deployments as it leads the multi-family apartment industry to safely, securely and profitably embrace technology to automate multi-dwelling units. The Company has gained significant traction as it will complete 15,000 installations by year end and already have an additional 35,000 apartments committed for 2019.
The SmartRent platform, an end-to-end smart home technology solution for multi-dwelling units, connects hardware with proprietary web and mobile software to streamline operations, enhance the resident experience and provide owners with a digital layer of asset protection. The platform helps property owners and managers lower expenses and provides an entirely new way of monitoring and protecting assets, all while providing residents with a new revenue-generating amenity. The automation benefits SmartRent brings to property managers in a single platform include: full property access control, surveillance, thermostat control, leak detection and power monitoring to aid with predictive maintenance.
“Smart Apartment technology is becoming a ‘must have’ amenity for any multifamily or single-family rental operator looking to optimize operations as well as cater to today’s tech-savvy resident,” said John Helm, Partner, Real Estate Technology Ventures. “We thoroughly examined nine different companies and SmartRent consistently came out on top across every key measurable. In fact, we’ve been so impressed by the company that nearly all of our limited partners, accounting for close to one million apartment units, are in some stage of discussion with SmartRent for pilots or broader national deployments.”
Flexible and easy to implement in any rental property type at any stage, including ground-up developments, retrofits, high-rises and garden style properties, SmartRent offers major benefits to property owners and managers including:
- Sensors provide 24/7 asset protection against water leaks, smoke/fire, carbon monoxide
- Identify a variety of routine issues to alert property managers when to repair and replace equipment that can cause significant damage during failure, i.e. washing machines, water heaters, and sinks
Vacant Unit Management
- 24/7 Remote Access Control over all door locks through a simple Android or iOS mobile app
- Fully digitized locks and unit access streamline and simplify unit turns
- Reduce vacant unit utility consumption and eliminate energy waste
Virtual 24/7 Leasing Office
- Automations & Scenes features create an enhanced showing experience
- Enable secure self-showings for pre-screened applicants
Since the raise of its seed round in January 2017, the SmartRent team has grown by more than 50 percent with key hires in the areas of operations, support and installation. The new Series A investment will be used to drive SmartRent’s service growth from its current 15-state footprint to over 40 states, with major hubs in Denver, Phoenix, Washington D.C., Seattle, Philadelphia and Northern and Southern California.
“Until now, smart home technology has been primarily available only for homeowners,” said Lucas Haldeman, CEO, SmartRent. “This is no longer the case, and our business is growing exponentially. This strategic investment – from theventure firm established by the multifamily industry to help drive innovation across the industry will help us more rapidly scale and provide the benefits of smart-apartments to all multifamily owners across the country.”
About Real Estate Technology Ventures
Real Estate Technology Ventures (RET Ventures) is the first industry-backed early stage venture fund focused on building cutting-edge real estate technology companies for the multifamily industry. The Firm connects the smartest rent tech solutions with the largest network of multifamily and single-family rental units in North America. RET Ventures works with high quality entrepreneurs to rapidly scale their businesses by leveraging the knowledge and expertise of its team and limited partners, who own close to one million units. In turn, these owners receive early access and insight into the most effective technology solutions. For more information, please visit www.retv.vc.
Founded in 2017, SmartRent is the 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 www.smartrent.com.
fama PR on behalf of Real Estate Technology Ventures