SmartRent Raises $32M

SmartRent , the smart home automation platform company for multifamily property managers and renters, has announced it has closed a $32m 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.

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 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.

Bottom Line: 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.