Dwelo Investing $20M to Bring Smart Technology to Apartments
Dwelo, a leading provider of smart-technology solutions purpose-built for apartment owners, managers, and residents, announced that it 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 nearly half a million apartment units.
“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 added investment will help us deliver the same quality of service to everyone one of those residents and managers. Dwelo’s customers also continually drive innovation in our product and by investing further in R&D we expect to create more value for every stakeholder in the community.”
Dwelo is focused on the multifamily industry. We provide our customers - owners, managers, and residents - with web and mobile applications that allow them to control smart devices across their communities saving them time and money. Dwelo 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 are thrilled to continue our partnership with Dwelo,” said Scott Stettler, CFO at Wasatch Premier Communities. “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”.
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 to ensure the delivery to the next 1,000 communities the same hallmark level of quality and reliability that was delivered to their first 200 communities. 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 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.”
Read the full release here.