SwiftConnect, a Stamford-based property technology startup, has made headlines with its recent announcement of closing a $37 million Series B financing round. This significant funding milestone, revealed on Thursday, marks a pivotal moment for the company, which specializes in providing digital access solutions for buildings. With this latest round, SwiftConnect has successfully raised a total of $74 million since its inception.
A Growing Investment Journey
The latest financing round was led by Quadri Ventures, with notable participation from new investors such as HID, part of ASSA ABLOY, Egis Capital Partners, and Klingenstein Fields Advisors. Returning investors included industry heavyweights like Crow Holdings, JLL Spark, Navitas Capital, Tanzola Corp., and Spring Rock Capital. This diverse group of investors underscores the growing confidence in SwiftConnect’s innovative approach to digital access.
In October 2023, SwiftConnect had previously raised $10 million in an oversubscribed Series A funding round, showcasing the company’s rapid growth and the increasing demand for its services. The proceeds from the Series B round will be strategically utilized to expand SwiftConnect’s access network, scale operations, and support new product initiatives, as well as to expand geographically.
Innovative Technology at the Forefront
Founded in 2020 by co-CEOs Chip Kruger and Matt Kopel, SwiftConnect has quickly established itself as a leader in the property technology sector. The company is recognized as the first and largest deployer of “employee badge” credentials in Apple Wallet. This cutting-edge technology operates similarly to Apple Pay, allowing authorized users to gain entry into office or apartment buildings using their badges stored in Apple Wallet, rather than traditional keycards.
As of the end of 2023, SwiftConnect had grown its customer base to nearly 50 clients, representing a potential opportunity of over 1 billion square feet of office space and more than 2 million users. This impressive growth trajectory highlights the increasing reliance on digital solutions in the real estate sector.
Looking Ahead
With the new funding, SwiftConnect is poised to enhance its offerings and expand its reach in the property technology market. The company aims to leverage its innovative solutions to meet the evolving needs of businesses and property owners, ensuring secure and efficient access to buildings.
For more details on this exciting development, check out the full announcement on SwiftConnect’s official blog and follow the conversation on Twitter. Additionally, you can read more about the funding round in the article from Hartford Business.
Conclusion
SwiftConnect’s successful Series B financing round is a testament to the growing demand for digital access solutions in the property technology landscape. As the company continues to innovate and expand, it is well-positioned to lead the charge in transforming how we access and interact with our built environments.
Keywords: SwiftConnect, Series B financing, property technology, digital access solutions, Apple Wallet, investment, Quadri Ventures, real estate technology, startup funding.