Dwelo Investing $20M in Smart Technology
Draper— Dwelo, a leading provider of smart-technology solutions purpose-built for apartment owners, managers, and residents, has completed an extension to its Series A round led by existing investors Wasatch Venture Holdings, with participation from Perot Jain, and several customers. Dwelo’s total investment in developing smart technology for apartments now exceeds $20M.
Founded in 2014, Dwelo has experienced enormous growth. As of June, Dwelo counts more than 200 apartment communities as customers, totaling nearly 50,000 apartment units, and operates out of offices based in San Francisco, CA, Draper, UT, and Dallas, TX. Dwelo works with over 60 of the country’s leading multifamily developers, owners, and managers, including Alliance Residential, Wasatch Premier Communities, Howard Hughes, Pinnacle, and BH Management. Dwelo’s customers have developed, own, or manage about half a million apartment units. Dwelo is outfitting each of those units with smart devices like smart thermostats, locks, light switches, meters, voice controllers and more, while also supplying commercial smart technology solutions for common areas and perimeter access points. For more information about Dwelo, visit www.dwelo.com.
“Smart technology is generating tremendous returns for our customers as both a resident amenity and an operational tool,” said Mike Rovito, Dwelo’s CEO. “We’re adding thousands of units to the platform each month, and this investment will help us deliver the same quality of service to every one of those residents and managers. At the same time, we are pouring significant resources into R&D, which we expect will create more value for all those working and living at Dwelo’s apartment communities.”
Dwelo is focused on the multifamily industry. They provide their customers – owners, managers, and residents – with web and mobile applications that allow them to control smart devices across their communities. The platform saves them time and money, reduces risk, provides users convenience, and improves security for the entire asset. Dwelo also supports customers with end-to-end services that ensure an amazing experience for every member of the community. With Dwelo’s technology and service, residents live in the future, managers streamline their operations, and owners improve their NOI.
“We were drawn to Dwelo because of the innovation and disruption they are driving within the multifamily industry.” said Joe Beard, Partner at Perot Jain. “Dwelo is solving real problems for owners, managers, and residents, and we believe they are the future of apartment living.”
This new round of funding will allow Dwelo to expand its operational footprint in order to bring industry-best implementation and support to more multifamily communities nationwide. That includes expanding its engineering and product team to drive the Dwelo vision of a complete smart community platform. Investing in product and engineering will provide the tools and infrastructure necessary to ensure that the next 1,000 communities receive the same hallmark level of quality and reliability that Dwelo’s first 200 communities have received. Lastly, this round allows Dwelo to invest in sales and marketing, helping them reach and support the thousands of owners and managers that are wanting to make smart technology decisions and are looking for the right partner to help them along that journey.
“We are thrilled to continue our partnership with Dwelo,” said Scott Stettler, CFO at Wasatch Venture Holdings. “Dwelo has proven time and again they are the right partner to bring smart technology applications to the multifamily industry. We see a growing demand from residents for smart apartments, and we are confident that Dwelo will continue to push and shape the limits of what is possible within the apartment space”.
Dwelo provides simple, seamless smart apartments to the owners and managers of multifamily communities. Dwelo connects popular smart devices from Z-Wave, Nest, Kwikset, Yale, and others to proprietary mobile and web applications as well as voice platforms like Amazon Echo and Google Home. Dwelo’s platform enables residents to enjoy the benefits of a smart home in a rental setting while helping managers run their communities more efficiently.
About Wasatch Venture Holdings
Wasatch Venture Holdings invests in promising companies that provide technology solutions and services to the commercial real estate industry. Wasatch Venture Holdings has had great success with multifamily-specific technology investments in particular, funding several companies in the compliance, lead management software, property management software and smart technology space. Collectively, Wasatch-backed companies have grown to service more than 4M multifamily units nationwide. Wasatch Venture Holdings’ sector focus gives its portfolio companies a competitive edge with the insight they can provide from over a decade of funding multifamily-focused technology businesses.
About Perot Jain
Perot Jain is an early stage venture capital firm committed to partnering with bold and innovative entrepreneurs to build highly disruptive, industry transforming companies. For more information visit www.perotjain.com