SimpliSafe Raises $130M to Expand DIY Home Security Strategies
SimpliSafe says it will use the funding to hire nearly 100 engineers this year across hardware, firmware, software and e-commerce.
BOSTON — SimpliSafe, the DIY home security technology company, based here, announces it has raised $130 million in growth funding.
The company projects to grow at a rate of more than 30% and exceed $400 million in annualized recurring revenue during the course of this year, according to the announcement.
The latest round of funding was led by existing shareholders, concurrently with an extension of the company’s existing revolving credit facilities. It will enable SimpliSafe to drive further growth in the market, with a focus on scaling its engineering team.
The company is slated to hire nearly 100 engineers this year across hardware, firmware, software and e-commerce, which will bring the engineering team to more than 300 employees. In all, the company staffs around 800 employees, mostly in the Boston area.
“It goes without saying that the growth we’re experiencing is tremendous for our business, but it’s also really positive for the Greater Boston Area and broader tech community,” states Christian Cerda, CEO at SimpliSafe. “Not only are we able to offer talent the opportunity to work for a company that intersects hardware, software and firmware, but we’re giving them a way to put their expertise and passion to use for a customer-centric and mission-oriented organization. It’s a truly unique and differentiated opportunity, and we’re proud to continue growing in the city that’s true to our company’s roots.”
In addition to expanding its workforce, SimpliSafe says it will leverage the recent round of funding to continue developing innovative technology. The company will invest in product and services innovations to ensure it continues being an industry leader in the home security space, the announcement states.
The money was raised from SimpliSafe’s existing investors, including the investment firm Hellman & Friedman, which in 2018 bought a controlling stake in the company in a deal that valued it at the time at about $1 billion.
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