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Smart apartments provider Dwelo attracts $4.9 mln

Salt Lake City-based Dwelo, a smart home platform for apartments, has raised $4.9 million in funding. Peterson Ventures led the round.

PRESS RELEASE

SALT LAKE CITY, August 30, 2017—Dwelo, a leading provider of smart apartments, today announced the close of a $4.9 million funding round led by Peterson Ventures. This funding is being used to expand the company’s geographic reach and to invest in both the resident and manager experience on the platform.

Since its launch, Dwelo has expanded its offering to nearly 100 communities across the Western U.S.

“We’ve seen explosive demand for what we’ve brought to the market and are thrilled to provide renters as well as the operators of rental real estate with access to the benefits of smart home technology,” said Michael Rovito, CEO of Dwelo. “This capital is enabling us to grow sales and distribution to keep up with that demand. At the same time, we are working to expand the scope of our value proposition to owners and managers by investing further in the development of our product.”

Dwelo has created a simple and seamless way for property owners, managers, and residents to benefit from smart home technology. The idea was born when founders Eric Wood and David Beenfield observed the gap between what was available to consumers and what was feasible to deploy in an apartment setting. Eric knew from his experience managing rentals what this technology could do for owners – and what they needed to make it work. Dwelo provides the technology platform necessary for owners to offer smart homes as an amenity to their residents, and couples it with a hands-on implementation model that makes the process painless for often overburdened management staff.

“Dwelo’s exponential growth is a testament to a gap in the smart home market that they identified, understood, and were first to fill,” said Ben Capell, a partner with Peterson Ventures. “We are looking forward to fueling their continued growth and the ongoing expansion of the Dwelo platform.”

With three years of deploying smart apartments under their belt, Dwelo knows what it takes to deliver technology to the rental industry. “We’ve seen that implementation and training are key to our customers’ success so we developed Dwelo Smart Services” said Rovito. Dwelo Smart Services include strategy consultations with ownership, project management, on-site training, and ongoing in-house customer support. It’s those services that have property owners and managers like Wasatch and Alliance citing Dwelo as their favorite vendor. “When owners install our platform, we recognize that they are making an investment,” Rovito added. “Our approach ensures that owners realize the maximum return on that investment.”

For more information visit www.dwelo.com.

About Dwelo
Headquartered in Salt Lake City, Dwelo is the leading provider of simple, seamless smart apartments. Dwelo’s cloud-based mobile and web applications enable renters to benefit from the convenience, savings, and security of a smart home, while streamlining management’s operations with digital access, vacant unit control, and more. The company partners with owners to maximize their return on investment and provides support and service to ensure that every implementation is a success. For more information visit www.dwelo.com.

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