STAMFORD, Conn. – October 17, 2023 – SwiftConnect, a provider of connected access enablement, today announced the successful closing of an oversubscribed fundraise of $10 million. The new funding fuels SwiftConnect’s continued growth following its Series A financing and signals strong investor confidence in the company’s accelerated market traction. The fundraise is supported by both new and existing investors.
“Our latest round of funding illustrates the excitement our existing and new investors have in SwiftConnect. 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-caliber customer base, rapid-paced growth, and future potential,” said Chip Kruger, Co-CEO of SwiftConnect.
SwiftConnect plans to use the additional fundraise to extend its global footprint and continue expanding its customer experience teams in step with its rapidly growing portfolio of major enterprises and trophy buildings. To date, SwiftConnect’s seamless 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.
The company’s 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.
Kruger added, “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.”
SwiftConnect deployed NFC mobile credentials for connected access at Silverstein’s iconic 7 World Trade Center in New York City. Numerous commercial real estate and enterprise customers have rapidly followed, including one of the largest global financial services companies with approximately 75,000 employees in nearly 50 countries, a major biopharmaceutical company with over 80,000 employees in over 180 countries, and a market leader in enterprise application software with over 100,000 employees across 150 countries.
“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,” said Andrew Drylie, investment manager at Quadri Ventures, a cloud-focused global venture fund and the principal investor in this fundraise. “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.”
Underscoring the company’s success, SwiftConnect was named the Emerging Startup Grand Prize Winner in the prestigious Real Estate Tech Awards (RETAs). This recognition highlights the burgeoning industry category of connected access enablement, created and led by SwiftConnect.
The latest fundraise, priced in excess of the previous round’s pricing, increases SwiftConnect’s total funding to nearly $40 million.
