SimpliSafe says it will use the funds to hire nearly 100 hardware, firmware, software and e-commerce engineers this year.

BOSTON – SimpliSafe, the home improvement security technology company, announced that it has raised $ 130 million in growth funds.

The company expects to grow at a rate of more than 30% later this year and generate annual recurring revenue of over $ 400 million, the announcement said.

The final round of financing was led by existing shareholders, concurrently with an expansion of the company’s existing revolving credit facilities. This enables SimpliSafe to drive the further growth of the market, with the focus on scaling the engineering team.

The company is expected to hire nearly 100 hardware, firmware, software and e-commerce engineers this year, bringing the engineering team to more than 300 employees. The company employs a total of around 800 people, mainly in the Boston area.

“It goes without saying that the …



Source link

Leave a Reply