Proptech access control enabler, SwiftConnect, has closed an additional fundraising round of $10 million, which it believes signals strong confidence in the market.
Supported by both new and existing investors, the fundraising will be used to extend the company’s global footprint and expand its customer experience teams.
The company’s offering is designed to solve a growing pain-point for commercial real estate owners and occupiers, as it software supports the integration of existing building access control systems and consolidates them into a single cloud-enabled network.
To date, SwiftConnect’s mobile-based NFC solution is live in over 80 million square feet of commercial real estate space across dozens of commercial real estate buildings and enterprises. A notable example has been the deployment of NFC mobile credentials for connected access at Silverstein’s iconic 7 World Trade Center in New York City.
The company estimates its current customer base represents a potential opportunity of over 750 million square feet of office space and more than one million users.
With this growth, including associated revenue and expense expectations, the company does not expect a need to raise further capital, unless additional strategic opportunities present themselves.
Chip Kruger, Co-CEO of SwiftConnect, commented on the funding announcement: “Our latest round of funding illustrates the excitement our existing and new investors have in SwiftConnect.
Credit: Federico Caputo/AlamyStock
“This would not have been possible without our excellence in engineering and the great experience our Fortune 100 customers, major US and UK landlords, and leading advisory, investment, and legal firms have with our solutions. We deeply appreciate our investors’ commitment to SwiftConnect and their acknowledgement of our high-calibre customer base, rapid-paced growth, and future potential.”
“By proactively scaling and extending our capabilities, SwiftConnect is well-positioned to serve a vast array of enterprises and real estate owners seeking to provide leading-edge connected access experiences to their users.
“The vote of confidence we have received from customers and investors further validates that our award-winning platform continues to exceed a very high bar of expectations for delivering a great user experience, enhancing security, and lowering costs. This bodes well for our continued growth.”
Andrew Drylie, Investment Manager at Quadri Ventures, a principal investor in SwiftConnect, added: “Quadri Ventures focuses on identifying, investing and assisting high-growth potential software companies and we are excited to back SwiftConnect as our inaugural US venture investment.
“What sets SwiftConnect apart is the combination of its incredible product market fit plus the company’s impressive traction with large multinational enterprises and its solid footprint in corporate real estate buildings.
“We believe that the sheer number of their signed contracts with major enterprises validates that SwiftConnect is built to deliver a sophisticated solution that extends beyond proptech.
“Its enterprise-grade offering has proven to meet and exceed the rigid requirements of financial services institutions and customers in other heavily regulated industries, while creating a delightful experience for users.”
The latest fundraise, priced in excess of the previous round’s pricing, increases SwiftConnect’s total funding to nearly $40 million.
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