Total amount raised
$171 Millions
Latest funding date
11/01/2021
Location
Level Home has successfully raised funds through multiple rounds, with the last funding round being a Series C closed on November 10, 2021. The company is backed by notable investors, including Walmart and Cox Communications.
Level Home specializes in innovative smart lock solutions, offering products like the Level Lock+ and Level Bolt, which emphasize minimalistic design and advanced engineering. 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, founded in 2016, is a company based in Redwood City, California, specializing in home automation and smart home control. The company operates in industries such as consumer electronics, home improvement, information technology, and smart home technology.
Founded by John Martin and Ken Goto, Level Home boasts a team of experienced professionals from notable technology companies like Apple, Nest, Google, and 3M. The company employs between 101 and 250 people.
Level Home is known for its innovative smart locks, which emphasize minimalistic design and advanced engineering. Their products aim to enhance everyday life by pushing the boundaries of technology, combining design, engineering, and convenience.
How Much Funding Has Level Home Raised?
- Corporate Round
- Amount Raised: $71M
- Date: October 2019
- Lead Investors: Hut 8 Corp., Lennar Corporation, Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enhance market presence in the smart home technology sector.
- Series C
- Amount Raised: $100M
- Date: November 2021
- Lead Investors: Cox Communications, Walmart
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the acquisition of Dwelo and expand into the multifamily residential market by integrating hardware and software solutions.
Total Amount Raised: $171M. Current Valuation: Not publicly disclosed.
Key Investors
- Walmart
- Details: Walmart Inc. is a global retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It is known for its extensive retail network and commitment to providing affordable products.
- Investment Focus Areas: Retail, e-commerce, logistics, supply chain, technology.
- Notable Investments: Flipkart, various logistics companies, technology startups related to retail and supply chain operations.
- Cox Communications
- Details: Cox Communications is a major American broadband communications and entertainment company, providing advanced digital video, Internet, telephone, and home security and automation services over its own nationwide IP network.
- Investment Focus Areas: Telecommunications, broadband services, digital video, Internet, telephone, home security, and automation.
- Notable Investments: Investments in broadband infrastructure, digital services, home security and automation technologies.
- Hut 8 Corp.
- Details: Hut 8 Corp. is a leading cryptocurrency mining company, known for its large-scale operations and focus on sustainable mining practices.
- Investment Focus Areas: Cryptocurrency mining, blockchain technology, sustainable energy solutions.
- Notable Investments: Investments in cryptocurrency mining facilities, blockchain technology companies, renewable energy projects.
- Lennar Corporation
- Details: Lennar Corporation is one of the largest homebuilders in the United States, known for its residential construction projects and smart home technology integration.
- Investment Focus Areas: Real estate, homebuilding, smart home technologies.
- Notable Investments: Companies providing smart home solutions, technologies integrated into homebuilding projects.
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 garden-style apartment properties with up to 300 units. The multifamily market, particularly the middle market, represents a significant growth opportunity, given its substantial share of U.S. multifamily units.
With the proptech sector on track for a record year in fundraising and mergers, Level Home is well-positioned for future fundraising opportunities. The successful Series C round of $100 million, led by Cox Communications and Walmart, indicates strong investor confidence. This financial backing will support further product development and market expansion, potentially attracting more investors.
However, Level Home faces challenges, including competition in the crowded smart-access field and execution risks associated with integrating Dwelo's platform. Additionally, retrofitting existing properties with new technology may present operational hurdles. Despite these challenges, the company's strategic moves and industry trends suggest a bright future ahead.
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