Ring Scores Big Round of Funding, Continues to Make a Name in Home Security
With billionaire Richard Branson already on board as an investor, Ring scored $61.2 million in additional funding.
Ring appeared on ABC's show "Shark Tank," and even though it emerged without a deal, sales spiked after the appearance.
Funding for Ring, the smart video doorbell business, continues to roll in.
On Wednesday, the company announced it raised $61.2 million in funding investors led by venture-capital firm Kleiner, Perkins, Caufield and Byers, as detailed in a report by Business Insider. Ring also has received funding from billionaire Richard Branson in this round as well as back in August.
Ring CEO Jamie Siminoff, whose company was featured on ABC’s “Shart Tank,” says the rise of his five-year-old startup “doesn’t even feel real.”
“We’re a real company, solving a real problem, creating real revenue,” he said. “It’s really about just building a good company that makes our users’ lives better.”
The product is clearly soaring in popularity. The video doorbell, which allows users to remotely see and talk to the person at their door, is reducing home burglaries, according to Siminoff, making it a convenient home security tool.
Back in 2013, Ring appeared on “Shark Tank” but under a different name: Doorbot. The only offer Siminoff received was from Kevin O’Leary, but the royalty deal wasn’to Siminoff’s liking and he left without a deal. However, the company’s sales spiked after the appearance, with Siminoff telling Business Insider that it received at least an addition $5 million in sales.
“We’d either be out of business today if it wasn’t for ‘Shark Tank,'” Siminoff said. “I don’t think we’d be where we are without that shot of adrenaline.”
Be sure to check out the full report to get all the details on Ring’s rise and Siminoff’s vision for the company’s future.
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