Home security startup SimpliSafe announced this week it closed on a $130 million growth funding round, bringing its total capital raised to $187 million. The company plans to use the money to add another 100 engineers to its Boston-based team, focusing on hardware, firmware, software and e-commerce.
Launched in 2006, SimpliSafe’s wireless alarm systems and DIY self-install approach have fundamentally changed the home security industry once dominated by legacy companies like ADT. Its tech-enabled locks, cameras, doorbells and sensors are designed to keep every window, room and door protected against intruders, water damage and fires at an affordable price.
SimpliSafe now claims to protect millions of homes, and expects to exceed $400 million ARR this year. It currently employs about 650 people here in Boston, and expects its engineering team alone to grow to 300 by year’s end.
“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,” CEO Christian Cerda said in a statement. “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 customer-centric and mission-oriented organization. It’s a truly unique and differentiated opportunity, and we’re proud to be growing in the city that’s true to our company’s roots.”
This latest round was led by unnamed existing shareholders, concurrently with an extension of SimpliSafe’s existing revolving credit facilities. In addition to the hiring push, the company says it will use the funds to continue innovating its technology, investing in product and service innovations to maintain its position as “an industry leader in the home security space.”
