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SmartRent Signs $2.2B Merger Deal With Fifth Wall SPAC

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Smart home technology company SmartRent.com Inc. announced on Thursday its intentions to go public via a merger with special-purpose acquisition company (SPAC) Fifth Wall Acquisition Corp.
The merger values SmartRent, whose products service approximately 185,000 apartments in the U.S. and Canada, at $2.2 billion. In February, Fifth Wall Acquisition Corp. raised about $345 million in its initial public offering (IPO), which was sponsored by venture-capital firm Fifth Wall Ventures. The firm had also invested in SmartRent back in 2020 through one of its funds.
Earlier this week, Fifth Wall Ventures also announced the debut of its third SPAC, Fifth Wall Acquisition III. ....

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SmartRent To Go Public in $2.2 Billion Merger with Fifth Wall Acquisition Corp. I, Accelerating Growth of Category-Leading Smart Home Technology for the Global Real Estate Industry

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- Includes Oversubscribed $155 Million PIPE Anchored by Leading Real Estate Companies, SmartRent Customers, and Institutional Investors, Including Starwood Capital Group, Lennar, Invitation Homes, Koch Real Estate Investments, Baron Capital Group, D1 Capital Partners L.P., Long Pond Capital, LP, and Conversant Capital LLC
- SmartRent Expects to be EBITDA Positive by 2022; 80% of the Company s Revenue Projections for 2021-2022 are from Already Committed Units; Growing Base of Recurring Revenue with Zero Churn since Inception
- Fifth Wall, the World s Largest Proptech Investor Managing $2.5 Billion, Will Open Access to Unmatched Distribution Lanes through its 70 Strategic Real Estate LPs from 15 Countries ....

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SmartRent SPAC Deal To Boost Growth

SmartRent’s Lucas Haldeman and Fifth Wall’s Brendan Wallace (iStock)
As pandemic-challenged apartment landlords scrambled to cut costs, SmartRent CEO Lucas Haldeman’s phone lit up.
The owners were eager to adopt the four-year-old firm’s operating platform, which lets them automate building operations such as climate control and door locks.
To meet the demand and beef up its product offerings, SmartRent announced a deal Thursday to go public with a blank-check firm backed by proptech VC firm Fifth Wall.
The deal values SmartRent at $2.2 billion or 41.5 times the startup’s 2020 revenue and will give it $513 million in cash. The deal also includes a $155 million investment from customers including Lennar, Invitation Homes and Barry Sternlicht’s Starwood Capital. ....

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SmartRent Plans to Go Public Via a SPAC With Fifth Wall

The SPAC has raised about $345 million since going public last year, according to a Wall Street Journal report. SPAC investors will be joined by a $155 million PIPE investment, made up of some of the biggest names in real estate: single-family rental giant Invitation Homes, real-estate investor Starwood Capital, and construction giant Lennar. The Journal is also reporting that world s largest landlord, Blackstone, is part of the deal.
SmartRent combines smart-home technology with a software operating system that allows landlords and property managers of single-family and multifamily portfolios to remotely monitor energy use and efficiency, let prospective tenants take self-guided tours, and monitor building systems for leaks and other risks. Tenants are also able to monitor many of these things themselves through SmartRent s apps and voice assistants. ....

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