SG-based smart lock maker igloohome closes $15m Series B round

Photo: igloohome

Singapore-based smart access solutions startup igloohome has raised $15 million in its Series B funding round co-led by existing investors Insignia Ventures Partners, Wavemaker Partners, and SEEDS Capital.

The round was joined by Kickstart Ventures, TH Capital, Pine Venture Partners, On Asset Management, Innoven Capital, Singtel Innov8, and Great Noble International.

igloohome provides smart lock and lockboxes that integrate with a mobile app, allowing users to manage their homes and properties remotely. Its products also work offline, using encryption and synchronisation, similar to an internet banking token.

With the fresh capital infusion, igloohome has launched a suite of smart access solutions, iglooworks, for enterprise customers, primarily in the real estate and infrastructure sectors, the company said.

It also plans to use the Series B proceeds for research and development and to support its existing and new distribution partners globally, especially in Europe, US and Asia Pacific.

“With iglooworks, we have developed a solution that not only can save businesses and governments up to millions of dollars per year, but also improve security and surveillance. Our vision is to create smart access ecosystems for smart cities, increasing efficiency and reducing costs,” said igloohome CEO Anthony Chow.

igloohome was founded in 2015 by Chow and his two co-founders as a smart home solution for Airbnb hosts and rental property managers. It has over 100 distribution partners, more than 100 integration partners and is working with property developers such as Sansiri (Thailand), Mitsubishi (Japan) and CapitaLand (Vietnam).

Wavemaker Partners managing partner Paul Santos said in a prepared statement that igloohome’s combination of smart locks and software platform has emerged as a “unique and effective solution” to the problem of managing and tracking access to properties and facilities.

In April 2018, igloohome had raised a $4-million Series A funding round led by Insignia Ventures Partners. That round was joined by Wavemaker Partners, Phillip Private Equity, X Capital Ventures, Kuok Meng Xiong of K3 Ventures, and angel investor Koh Boon Hwee.