Dwelo, which provides smart-tech solutions for apartments and other multi-resident properties, announced it has completed an extension to its Series A round, led by Wasatch Venture Holdings, assisted by Perot Jain and several other investors. This round brought in $20 million.
As of June this year, Dwelo has more than 200 apartment communities using its services. It has offices 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 adds smart technology for the apartment units housed in the communities it serves, including smart thermostats, locks, light switches, meters, voice controllers and more, while also supplying commercial smart technology solutions for common areas and perimeter access points.
“Smart technology is generating tremendous returns for our customers as both a resident amenity and an operational tool,” said Mike Rovito, Dwelo’s CEO, in a statement. “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.”
“We were drawn to Dwelo because of the innovation and disruption they are driving within the multifamily industry.” said Joe Beard, Partner at Dwelo investor, 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 more implementation and support to more multifamily communities nationwide, as well as investing in it’s product line, engineering, sales and marketing.
“We are thrilled to continue our partnership with Dwelo,” said Wasatch Venture Holdings CFO, Scott Stettler. “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.”