BOSTON, April 12, 2021 /PRNewswire/ -- SimpliSafe®, creator of award-winning home security solutions, today announced it has raised $130 million in growth funding. The company continues to transform the category and prove the success of its business model, projecting to grow at a rate of more than 30 percent and exceed $400 million in annualized recurring revenue during the course of this year.
The latest round of funding was led by existing shareholders, concurrently with an extension of the company's existing revolving credit facilities. It will enable SimpliSafe to drive further growth in the market, with a focus on scaling its engineering team. The company is slated to hire nearly 100 engineers this year across hardware, firmware, software and e-commerce, which will bring the engineering team to more than 300 employees.
"It goes without saying that the growth we're experiencing is tremendous for our business, but it's also really positive for the Greater Boston Area and broader tech community," said Christian Cerda, Chief Executive Officer at SimpliSafe. "Not only are we able to offer talent the opportunity to work for a company that intersects hardware, software and firmware, but we're giving them a way to put their expertise and passion to use for a customer-centric and mission-oriented organization. It's a truly unique and differentiated opportunity, and we're proud to continue growing in the city that's true to our company's roots."
In addition to expanding its workforce, SimpliSafe will leverage the recent round of funding to continue developing innovative technology. SimpliSafe will invest in product and services innovations to ensure it continues being an industry leader in the home security space.
SimpliSafe, which was backed by Hellman & Friedman in 2018, introduced thoughtfully-designed technology with industry-leading professional monitoring, all at fair and honest prices with no long-term contracts. In addition to its highly innovative and DIY self-install approach to home security, SimpliSafe has proven strong economic results in large part due to its industry-leading customer satisfaction levels, which have translated into high customer loyalty for its subscription offering.
