SimpliSafe raises $200 million

Home security company SimpliSafe has raised ~$200 million of incremental funding to support growth, while also refinancing its existing facilities. This funding was provided by the affiliates of Capital One, HPS Investment Partners, Owl Rock and Eastern Bank.

The Boston-based company now counts 1.5 million customers and it expects to exceed two million customers over the next three years. Last year, the company surpassed its projection of $400 million in annualized recurring revenue (ARR).

SimpliSafe has partnered with several insurers over the years including Progressive, Farmers, and Hippo.  Vivint, another player in the space, just announced new products as it looks to become an MGA and offer “smart insurance” to its 1.9 million customers.

“SimpliSafe’s growth trajectory has been nothing short of impressive. We transformed the home security industry and continue to penetrate the market. In order to continue delivering on our founding mission to make every home secure, we must stay focused on delivering exceptional value to our customers. I’m confident we will continue to find success in this next chapter, while staying true to the award-winning legacy we’ve established. I’m thankful to our financial partners for recognizing the enormous potential and opportunity in SimpliSafe’s future.” – Christian Cerda, CEO at SimpliSafe.