SmartRent Raises $32 Million to Support Rapid Growth and Large-Scale Deployments with Major Multifamily Organizations
Summary
PHOENIX--(BUSINESS WIRE)--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. “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. “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. 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.