Amazon Invests In Smart Home PropTech Startup For Multifamily Landlords
Amazon's quest to insert itself into every residence continues apace.
The online giant has invested an undisclosed sum into PropTech startup SmartRent, which packages and sells smart home services to multifamily landlords, Commercial Observer reports. The investment will allow SmartRent to integrate Amazon products into its platform.
SmartRent's most recent fundraising round was a Series B led by Bain Capital Ventures that brought in $32M. Real estate companies Starwood Capital Group, UDR and Essex Property Trust have also contributed equity into SmartRent, CO reports, while Amazon confirmed that it invested through its Alexa Fund.
SmartRent uses partnerships with companies like Nest thermostats and Yale smart locks to build a platform that landlords can roll out into already-constructed buildings. Now, it can do the same for Amazon Echo smart speakers and Amazon's Ring brand of doorbells and security systems.
Amazon has already partnered with at least one of SmartRent's competitors in Zego, as well as direct partnerships with homebuilder Lennar Corp. and multifamily REIT BSR. It also launched an Alexa for hospitality brand with Marriott as its initial partner.
Beyond integrating itself into homes, Amazon also wants to sell homes through its bread-and-butter e-commerce platform through a partnership with brokerage Realogy announced in July.