Total amount raised
$171 Million
Latest funding date
11/01/2021
Location
Level Home has successfully raised funding over two rounds, with the latest being a Series C round. The company is backed by notable investors, including Walmart and Cox Communications.
Level Home specializes in designing and manufacturing innovative smart locks that seamlessly integrate into users' lives. Keep reading to explore the intricacies of Level Home's fundraising journey and the investors backing this innovative platform.
What Is Level Home?
Level Home, based in Redwood City, California, specializes in home automation and smart home control. The company operates in the Consumer Electronics, Home Improvement, Information Technology, and Smart Home industries.
With an employee count ranging from 101 to 250, Level Home has been acquired by ASSA ABLOY Group. The company is known for its innovative smart locks that emphasize security, durability, and ease of use.
How Much Funding Has Level Home Raised?
- Corporate Round
- Amount Raised: USD 71,000,000
- Date: October 2019
- Lead Investors: Hut 8 Corp., Lennar Corporation, Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch Level Home's primary product, Level Lock, which integrates smart features with a traditional lock design.
- Series C
- Amount Raised: USD 100,000,000
- Date: November 2021
- Lead Investors: Cox Communications
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the acquisition of Dwelo and to further integrate Level Home's smart lock technology with Dwelo's SaaS platform, enhancing their product offerings for property owners and residents.
Total Amount Raised: USD 171,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Walmart
- Details: Walmart is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It is known for its extensive retail operations and e-commerce presence.
- Investment Focus Areas: Retail, e-commerce, technology, logistics, supply chain.
- Notable Investments: Flipkart, Jet.com, various technology startups focusing on retail innovation.
- Cox Communications
- Details: Cox Communications is the largest private telecom company in America, serving nearly seven million homes and businesses across 18 states. It is a division of Cox Enterprises, a family-owned business founded in 1898.
- Investment Focus Areas: Broadband applications and services, IoT portfolio, automation and digital enablement for multifamily properties.
- Notable Investments: Investments in broadband infrastructure, digital cable services, and home automation technologies.
- Lennar Corporation
- Details: Lennar Corporation is one of the largest homebuilders in the United States, engaging in home construction and real estate. It provides homes for various market segments.
- Investment Focus Areas: Residential real estate, smart home technology, construction innovation.
- Notable Investments: Opendoor, various smart home technology companies.
- Hut 8 Corp.
- Details: Hut 8 Corp. is a leading cryptocurrency mining company based in Canada. It focuses on mining Bitcoin and other cryptocurrencies using sustainable energy sources.
- Investment Focus Areas: Cryptocurrency mining, blockchain technology, sustainable energy solutions.
- Notable Investments: Not publicly disclosed.
- Lennar Corporation
- Details: Lennar Corporation is a home construction and real estate company based in the United States. It focuses on building homes for various market segments and integrating smart home technologies.
- Investment Focus Areas: Residential real estate, smart home technology, construction innovation.
- Notable Investments: Opendoor, various smart home technology companies.
What's Next for Level Home?
Level Home's future looks promising as it expands into the multifamily residential market, leveraging its recent acquisition of Dwelo. This move allows the company to integrate high-tech access hardware with comprehensive home management software, targeting a significant portion of the multifamily units in the U.S. The potential for growth is substantial, especially with new functions like self-touring and package management.
With the successful Series C funding round, Level Home is well-positioned for future fundraising opportunities. The growing interest in proptech and smart home solutions suggests that additional investment rounds could be on the horizon, further supporting product development and market expansion.
However, challenges remain. The company must navigate a competitive landscape, ensure seamless integration of hardware and software, and scale operations to meet market demands. Despite these hurdles, Level Home's strategic moves and strong investor backing indicate a bright future ahead.
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