US-based smart doorbell developer Ring raised $28m yesterday in a series B round co-led by insurance provider American Family Insurance and Shea Ventures, the investment vehicle of home builder JF Shea.
Angel investor Richard Branson, founder of conglomerate Virgin, co-led the round with Shea and American Family. Venture capital firms True Ventures and Upfront Ventures, as well as assorted angel investors also contributed funds.
Ring has developed a smart doorbell with a screen and camera allowing users to talk to visitors through their smartphone without the need to open the door. The technology also includes motion sensors to alert home owners to potential burglars.
True Ventures led a $4.5m series A round for Ring in December 2014, with Upfront, First Round Capital, Queensbridge Venture Partners and angel investors also taking part. Ring had already secured $2.5m in debt financing at the time.
Originally known as Doorbot, the company secured $1m in seed funding in December 2013 from First Round, Upfront, Charles River Ventures and Matt Mullenweg, founder of blogging platform WordPress. The company also successfully completed a $250,000 crowdfunding campaign in January 2013.
– Image courtesy of Ring