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Singapore-based smart lock maker Igloohome has closed a $4 million Series A round.
The investment was led by Insignia Ventures, the new firm started by ex-Sequoia venture partner Yinglan Tan. Phillip Private Equity, X Capital Ventures, K3 Venture’s Kuok Meng Xiong, angel investor Koh Boon Hwee, and existing backer Wavemaker Partners also took part.
The company is a rare example of a hardware startup coming out of Southeast Asia with a global presence.
Inspired by the rise of Airbnb and hosts on the platform, Igloohome sells a range of key-less products that include digital locks, digital deadbolts and a digital safety deposit box. The products are notable because they work offline, requiring either a manually entry pin code or ‘Bluetooth key’ on a phone to unlock. Despite that, owners can still control access remotely, while there’s a physical key just in case.
The Igloohome team
The company said that the new funding will go towards R&D for new products, and developing solutions for commercial projects, which could include hospitality, student accommodation and warehouse projects. The company is already a partner seller of Airbnb, rival HomeAway, and China’s Xiaozhu which helps it reach a very targeted audience. Outside of those relationships, it sells directly to consumers in over a dozen countries via the likes of Amazon, Walmart and Home Depot while there are online options for other global markets.
“We are very encouraged by the support provided by our investors. We believe that together, we will be able to bring even more innovative products and services to the table, and grow the Igloohome name into a lifestyle brand,” Anthony Chow, CEO and co-founder of Igloohome, said in a statement.