SmartRent
$0.3Bmarket cap
// QUICK STATS
FOUNDED
2017
HEADQUARTERS
Scottsdale, United States
EMPLOYEES
500-1000
// OVERVIEW
SmartRent spent a decade selling IoT locks and thermostats to apartment landlords, went public via SPAC at a $2.2 billion valuation in August 2021, and is now worth $300 million — an 86% collapse that captures the entire death of PropTech as an investable category.
// HQ
Scottsdale, United States
// STATUS
PUBLIC
// FOUNDED
2017
// TIER
The Unicorn Herd · $1B – $9.9B
// PRIMARY SECTOR
iot
// FOUNDERS
// FUNDING ROUNDS
// SECTORS SERVED
// TECHNOLOGY
The platform integrates smart locks, thermostats, sensors, and access control into a single dashboard for property managers — replacing physical keys with smartphone access and converting HVAC systems into remotely controllable units. The technology is not defensible — Latch, August, and Yale build functionally identical hardware — but the integrations with property management software create mild switching friction for enterprise customers.
// KEY METRICS
TOTAL FUNDING RAISED
$400M
LATEST VALUATION
$2.2B (2021)
LAST ROUND
IPO · 2021
LEAD INVESTOR (LAST ROUND)
Fifth Wall Acquisition Corp I
VALUATION PEAK
$2.2B
FOUNDED
2017
HEADQUARTERS
Scottsdale, United States
EMPLOYEE COUNT
500-1000
// WOWLS ASSESSMENT
SmartRent controls roughly 3.5 million connected devices across 500,000 apartment units, generating $225 million in 2023 revenue — but the unit economics reveal why the market lost faith. Hardware sales carry low margins, SaaS revenue grows slowly because landlords do not pay subscription premiums for commoditized IoT devices, and the customer concentration is severe — the top 25 property management companies represent 60% of revenue. The company burned $50 million in 2023 despite being 10 years old and publicly traded. The SPAC collapse was not a valuation correction — it was the market realizing that selling Wi-Fi thermostats to apartment buildings is a distribution business dressed up as a technology platform, and the only companies that win distribution businesses own the buildings.
// WHY WOWLS HUNTS THIS
A public autopsy of the PropTech delusion — $300 million is what IoT hardware distribution to landlords is actually worth, and the 86% correction documents the distance between that reality and the SPAC fever dream that took it public.
VERDICT: TERMINAL HYPE — THE $1.9 BILLION THAT VANISHED FROM SMARTRENT'S MARKET CAP SINCE AUGUST 2021 IS THE EXACT COST OF BELIEVING THAT APARTMENT LANDLORDS WOULD PAY SAAS MULTIPLES FOR SMART LOCKS
// INTEL FAQ
// PACK DEBATE
// PACK DEBATE — be the first to weigh in
Google account required — no spam, no nonsense
// LOADING INTEL…
// BROADCAST INTEL
// SIMILAR TARGETS
// INTEL UPDATED: MAY 2026
// INTELLIGENCE DISCLAIMER: Assessments represent editorial opinion based on publicly available data including filings, press reports, and market data as of the date shown. Valuations are approximate. Not financial or investment advice.
// FULL NETWORK ACCESS
🚀 Founder Briefing: Instantly sort investors by Sector, Stage, & Round — direct links to websites for all 1,030 unicorns & backing VCs included.
Don't just track SmartRent.
Master the entire 1,030 unicorn company intelligence network.
Stop analyzing tech monopolies one page at a time. Instantly filter, sort, and isolate the exact venture capital firms, angel investors, and corporate funds backing your specific market vertical. Find investors that fit your sector and deploy your pitch with direct outbound links to every target asset in the database — 1,030 targets total.
Acquire Intel →// 5 TIERS · PAYPAL SECURED
// ENGAGE THE FULL ARSENAL
Done reading on SmartRent?
Unlock the entire 1,030-company hitlist and 1,030 investor contacts.
Full structural breakdowns. Founder dossiers. VC outreach data. Threat-level intel updated continuously.
→ Deploy 5-Tier Order Form// ARBAN · ZUUN · MINGHAN · TUMEN · KHAN