Smart access solutions startup igloohome has announced securing a $4 million Series A funding round led by Insignia Ventures Partners.
The round was joined by existing investor Wavemaker Partners and new investors Phillip Private Equity, X Capital Ventures, Kuok Meng Xiong of K3 Ventures, and angel investor Koh Boon Hwee.
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, unlike most other smart devices, using encryption and synchronisation, similar to an internet banking token.
“We believe igloohome’s new approach to home security is mainstream and powerful. The smart home space is set to grow exponentially over the next few years and what excites us about igloohome is its efficient, convenient approach to home security and also its entrepreneurial leadership team who have been able to create thoughtful products and fulfil them in different markets,” said Insignia Ventures Partners founding managing partner Yinglan Tan.
igloohome said it will use the funds to develop smart access solutions for commercial projects, especially in the hospitality industry, to accelerate hiring and for R&D investments.
igloohome was founded in 2015 by Anthony Chow and two other founders with the idea of being a smart home solution designed for Airbnb hosts and rental property managers. Its products looked to address two key areas of concern: the inconvenience of the check-in process and high energy costs as a result of unnecessary energy usage.
That idea found backers the same year, with the Singapore-based startup raising $1.25 million in a seed round led by Wavemaker Partners and joined by Singtel Innov8 and DreamIt Ventures. The funding was used for the commercialization of its product.
On its website, igloohome says its products have now been shipped to over 80 countries, and are available on major e-commerce stores.
The startup has also received awards such as CES Asia Innovation Awards 2017: Honoree, Gold Winner of Singapore Infocomm Technology Federation’s Best Innovative Infocomm Solution 2017, and the iF Design Award 2018.
For Singapore-based Insignia Ventures, the funding comes on the back of its investments in Vietnamese freight-with-trucker connecting platform LOGIVAN and Singapore-based payment startup RateX in March.