PROVO, Utah (April 27, 2016) – Vivint Smart Home™, a leading provider of smart home technology and services, today announced a $100 million equity investment co-led by tech investor Peter Thiel and investment firm Solamere Capital. The strategic investment will help fuel Vivint’s rapid growth and product innovation as it extends its preeminent position in the growing smart home market.
Thiel is known for backing transformational technology companies. A venture capitalist and entrepreneur who co-founded PayPal, Thiel was the first outside investor in Facebook and is one of the largest shareholders of Airbnb.
“For Peter and Solamere to place their confidence in Vivint as the smart home leader is a huge validation of what we have built and where we are headed,” said Todd Pedersen, founder and CEO of Vivint Smart Home. “The fact that they are investing in our future demonstrates their passion for our business and their vision for this industry. We look forward to working together to redefine the home experience.”
With more than one million customers and revenue of more than $650 million, Vivint is one of the largest and fastest-growing smart home companies in North America. Strategy Analytics estimates that the smart home market will reach $40 billion by 2020.
Vivint offers a custom platform with integrated smart home products, including smart door locks, thermostat, cameras, doorbell camera, cloud storage and an array of sensors. The company pairs its technology with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24-7 customer care and monitoring to provide consumers with a superior smart home experience.
In addition to its rapidly expanding product suite, Vivint has integrated leading smart home products into its Vivint Sky platform, including the Amazon Echo and the Nest Learning Thermostat.
For more information about a Vivint smart home, visit www.vivint.com.
About Vivint Smart Home
Vivint Smart Home is a leading provider of smart home technology. Vivint combines innovative products and services to offer homeowners the best smart home experience. As the only vertically integrated smart home company, Vivint delivers its integrated platform and products with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24-7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves more than one million customers throughout the U.S. and Canada. For more information, visit www.vivint.com..
About Solamere Capital
Solamere Capital was founded by Tagg Romney, Eric Scheuermann and Spencer Zwick, and Mitt Romney serves as Chairman of the Executive Partner Group. Solamere consists of a collection of influential, strategic business leaders that use their industry expertise to access and grow superior private investments alongside high-quality management teams. For more information, visit: www.solameregroup.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The shares of equity securities offered in the private placement have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.