SmartRent, a Phoenix, AZ-based smart home automation platform company for multifamily property managers and renters, closed a $32m Series B funding.
The round was led by Bain Capital Ventures with participation from RET Ventures and multifamily operators including UDR, Inc., Essex Property Trust, and Starwood Capital. In conjunction with the funding, former Invitation Homes CEO Fred Tuomi will be joining the company’s Board of Directors.
The company intends to use the funds to invest in additional development resources and optimize its ability to perform rapid, large-scale deployments.
Founded in 2017 and led by Lucas Haldeman, CEO, SmartRent provides a smart home automation platform for property managers and renters to have visibility and control over all their assets while delivering additional revenue opportunities through home control offerings for residents.
The company has more than 40,000 units currently installed and 66,000 additional units under agreement for 2019.