Igloohome, a Singapore based digital smart lock company closed $4M (S$5.26m) Series A funding. The round was led by Insignia Ventures Partners with participation from new investors Phillip Private Equity, X Capital Ventures, Kuok Meng Xiong of K3 Ventures, and angel investor Koh Boon Hwee and existing investor Wavemaker.
The startup will use the funds to develop smart access solutions for commercial projects in the hospitality industry, covering both communal and private spaces. It further plans to use the funding for talent acquisition and R&D.
Launched in 2016, Igloohome offers versatile smart access solutions helping users manage their homes and properties remotely. Catering to Asia and Americas, their products are used over 80 countries and are available via 30 distributors globally.
The startup plans to roll out across 2000 retail shops by the end of 2018. “We want to see how we can expand beyond the Asia-Pacific, which is where about 70 percent of our sales come from. We are exploring Europe and might look into having a regional manager for Europe” says Anthony Chow, co-founder of Igloohome.
The company partners with of Airbnb, rival HomeAway, and China’s Xiaozhu which helps it reach a very targeted audience. Outside of those relationships, it sells directly to consumers in over a dozen countries via the likes of Amazon, Walmart and Home Depot while there are online options for other global markets.
In 2015, the startup received seed funding of US$1.25M (S$1.64m), led by Wavemaker Partners with participation from Singtel Innov8 and DreamIt Ventures. The latest round brings its total funding to US$5.25M.