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Tech startup that makes Nest for multifamily landlords raises $32M

Bain Capital led the Series B funding round

SmartRent CEO Lucas Haldeman and Bain Capital Ventures' Matt Harris (Credit: Facebook and Ascent Conference)
SmartRent CEO Lucas Haldeman and Bain Capital Ventures' Matt Harris (Credit: Facebook and Ascent Conference)

A real estate tech startup that gives multifamily landlords the ability to control their building’s operational systems with their phones has raised $32 million.

In a series B funding round, SmartRent said Wednesday that it received investment from Bain Capital Ventures, RET Ventures and multifamily landlords including UDR Inc., Essex Property Trust and Barry Sternlicht’s Starwood Capital.

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The Phoenix, Arizona-based startup, which launched in 2017, provides a service to landlords that allows them to automate features within their buildings, from climate control to rent payments and remote door access. It is currently in over 40,000 apartments, and the company said the additional funding will allow the service to be expanded to 60,000 more.

Bain Capital, which led the round, has backed over 200 firms, including LinkedIn and SurveyMonkey, and oversees $5.2 billion in assets.