SimpliSafe raises $130M in growth funding to protect homes and transform the home security market
SimpliSafe, a Boston-based tech startup and a popular provider of home security products that are designed for wireless security alarm systems and services, today announced it has raised $130 million in growth funding. Since founded 15 years ago, SimpliSafe has fundamentally changed the alarm industry that was once dominated by companies like ADT.
The latest round of funding was led by existing shareholders, concurrently with an extension of the company’s existing revolving credit facilities. SimpliSafe will use the new capital infusion 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.
Founded in 2006 Chad Laurans and Eleanor Laurans, SimpliSafe now protects millions of people and is committed to its founding goal: to make every home secure. SimpliSafe has been coined the number one home security pick by a number of highly-esteemed publications and was named “Best Home Security System of 2020” by U.S. News & World Report.
“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,” said Christian Cerda, Chief Executive Officer 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 away 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 will leverage the recent round of funding to continue developing innovative technology. SimpliSafe will invest in product and service innovations to ensure it continues being an industry leader in the home security space.
SimpliSafe, which was backed by Hellman & Friedman in 2018, introduced thoughtfully designed technology with industry-leading professional monitoring, all at fair and honest prices with no long-term contracts. In addition to its highly innovative and DIY self-install approach to home security, SimpliSafe has proven strong economic results in large part due to its industry-leading customer satisfaction levels, which have translated into high customer loyalty for its subscription offering.