Level Home Acquires Dwelo, Secures $100M Funding Round
Level Home originally focused its consumer hardware on the single-family market, but began moving into apartments a couple of years ago.
REDWOOD CITY, Calif. — Smart lock maker Level Home has acquired and merged with Dwelo, a provider of SaaS-based smart device management platforms for multifamily properties, for undisclosed terms.
In addition to the Dwelo acquisition, Level Home also raised an approximately $100 million Series C round led by Cox Communications, with participation by Walmart. Level Home has raised a total of $171 million to date and the new capital will support continued product creation, platform development, and expand the value for residents and managers across single-family, vacation rentals, and multifamily real estate.
Unlike many smart locks, the Level Home lock fits into the existing deadbolt cavity in a door and doesn’t require a large motor or giant battery pack. With the addition of Dwelo, Level Home now offers a smart home platform of integrated hardware and software solutions for all residential properties, including both single-family and multifamily units.
Dwelo’s software and service platform, billed as the multifamily industry’s first, enables owners to offer smart home experiences to their residents, while optimizing their operations. Dwelo’s suite of in-unit and property-wide smart technology solutions have helped it achieve industry leadership, including a recent acquisition of Vivint’s multifamily division, according to an announcement.
With Dwelo, Level Home’s locks will now be introduced to multifamily, where the hardware is suitable for retrofits.
Adding Dwelo’s platform to Level Home’s consumer business creates the potential for a more modern single-family experience that can include services such as managed package delivery, self touring and vacation rental management, according to the announcement.
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