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Apr 22, 2021
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SmartRent, whose technology is in use in about 185,000 apartments in the U.S. and Canada, said it would merge with Fifth Wall Acquisition Corp., which raised about $345 million in an initial public offering earlier this year. The special-purpose company was sponsored by Fifth Wall, a venture-capital firm that invested in SmartRent last year through one of its funds.
Separately, some of the largest apartment-building owners and housing developers in the U.S. which are also customers of SmartRent have agreed to invest a total of $155 million in the startup, the company said. This group includes Blackstone Group Inc., Starwood Capital Group LLC, Lennar Corp. and Invitation Homes Inc.