Purpose Venture Capital joined current investors Kickstart Ventures, Wavemaker Partners, and Insignia Ventures Partners in a $12 million Series B1 fundraising round for igloocompany, a Singapore-based smart locker company.
The sum boosts the startup’s total investment to US $32 million thus far.
The additional funding will allow igloocompany to expand its impact in the US and European markets through wide market acceptance and support business growth activities.
Anthony Chow, Co-Founder and CEO, said, “When igloocompany first started, we were smart-lock makers. Six years on, we have fully-integrated solutions for enterprises on top of our premium consumer offerings.”
“We are now focused on growing our ecosystem of symbiotic partnerships and meaningful integrations to deliver powerful customer experiences. Our strategy has gained traction, with over 1,000 integrations completed in the past 18 months, and looks set to grow,” he added.
Chow and Kelvin Ho founded igloohome, a company that makes smart locks and lockboxes, in July 2015. Since then, it has expanded to incorporate iglooworks, an enterprise-focused sector that specialises in large-scale access control.
Igloocompany was revealed as the holding company for igloohome and iglooworks in October 2020.
For better living and smarter cities, igloohome develops keyless entry solutions. These smart locks allow users to offer time-sensitive access to their homes or valuables from afar. The gadget employs proprietary technology known as algoPINTM, which enables their solutions to be highly secure and work without the usage of WiFi.
Infrastructure providers, facilities managers, and smart city developers can leverage iglooworks’ enterprise-focused line offering and suite of smart access solutions for remote monitoring and administration of access.
The company opened an office in Austin, Texas, in July 2021, with the goal of deploying one million devices, forming 400 business relationships, and achieving 2.5x growth in the previous 18 months.
Igloohome also announced a collaboration with ShowingTime, an integrated showing management solution, as well as the debut of iglooconnect, which allows customers to connect their igloohome locks to third-party services. Over 950,000 realtors are presently served by ShowingTime.
Igloocompany employs 135 people in 10 regional locations throughout the world.
Insignia Ventures led a $15 million Series B financing for the startup in July 2019. It had already received US$4 million from the same investor a year before.
