US-based smart home automation technology provider SmartRent has completed a $60m series C round backed by e-commerce and internet group Amazon’s Alexa Fund.
Venture capital firm Spark Capital led the round, which also attracted RET Ventures, Fifth Wall, Energy Impact Partners and Bain Capital Ventures, the VC unit for private equity firm Bain Capital.
SmartRent has built a smart home automation platform aimed at landlords and tenants that allows users to control connected devices through a unified interface, enabling them for instance to provide guests with access remotely through smart locks.
The funding comes in the wake of increased demand for self-guided tours of rental properties and contactless parcel and food deliveries during the Covid-19 pandemic.
The company will use the cash to expand its product offering and grow its business, having recently hired Darian Hong as chief financial officer and CJ Edmonds as chief revenue officer.
SmartRent has now secured $102m in funding altogether. It secured $32m in a June 2019 series B round featuring Alexa Fund, though the corporate’s involvement was only disclosed last week.
Bain Capital Ventures led the series C round, that included real estate investment trusts Essex Property Trust and UDR, real estate investment holding company Starwood Capital, and RET Ventures.
RET Ventures had previously led the company’s $1.5m seed round in July 2018 and its $5m series A round four months later.
