ButterflyMX Secures $35M In Latest Growth Equity Round

- Creator of smart intercom, a smartphone-based property access technology for multifamily and commercial real estate, to expand product line and tap into new markets with growth capital

- Smartphone tech simplifies the work of property management, reduces operating expenses, and enables a contactless, remote property access experience

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ButterflyMX

Sep 29, 2020, 09:00 ET

NEW YORK, Sept. 29, 2020 /PRNewswire/ -- ButterflyMX, creator of the smart intercom, a secure and convenient smartphone-based technology that is changing the way residents and tenants access their buildings, today announced the closing of a $35M growth equity round. This latest round was led by Volition Capital, with participation from Egis Capital, RiverPark Ventures and Stifel Venture Bank. The round will enable ButterflyMX to expand into new markets and introduce new products that extend its award-winning smart intercom access experience from the front door to the rest of the building. The company expects to hire 80 new employees within the next 12 months. Including this latest round of capital, ButterflyMX has raised more than $40M since 2017.

ButterflyMX is designed to eliminate the unnecessary building wiring and in-unit hardware that comes with traditional video intercoms, significantly reducing installation costs for property owners and developers. Whereas it could cost a 200-unit building up to $250,000 to install a wired video intercom solution, ButterflyMX's wireless hardware costs a fraction of that amount to install. Whether it's a multifamily or commercial office building, ButterflyMX enables effortless property access control from anywhere at any time. With ButterflyMX, tenants enjoy being able to see, speak, and grant building access to visitors via their smartphone, and building staff benefit from simplified property operations and management — allowing their teams to focus on higher-value tasks rather than managing and granting property access.

"Our smartphone-based platform is built to provide a better living and working experience by solving the access challenges associated with modern properties," said Cyrus Claffey, founder of ButterflyMX. "Our products also simplify the work of building staff by enabling them to focus their time effectively and efficiently, which has never been more important. Thanks to our investors, we will continue to develop products and services that help the real estate world move away from antiquated keys, fobs, and keycards for managing property access."

As part of the investment, Roger Hurwitz and Robert Chefitz of Volition Capital and Egis Capital will join ButterflyMX's board of directors.

"ButterflyMX has a track record of designing and building property technology that solves important access challenges for both building owners and property managers. This is particularly true today as convenience- and safety-focused access has become increasingly important within the real estate industry," noted Hurwitz. "With technology enhancing nearly all aspects of our lives, ButterflyMX is pioneering the way for industry professionals to take advantage of the unique benefits PropTech provides. We are excited to support ButterflyMX as they continue to expand into new markets with innovative products and services."

"In an era where everything happens on our phones, ButterflyMX is ahead of the game. Our research demonstrated that ButterflyMX is an instrumental part of the evolving building ecosystem and is a trusted and highly respected brand," said Chefitz. "As this industry continues to develop, we are confident ButterflyMX will continue to deliver on its mission of enabling property access from a smartphone. We are thrilled to be part of the ButterflyMX team and are looking forward to greater success."

Since the company's commercial launch in 2015, ButterflyMX's smart access technology is relied upon by more than 1 million people across 4,500 buildings every month, including properties in the multifamily, commercial, senior living, and student housing verticals.

About ButterflyMX
ButterflyMX, creator of the smart intercom, has developed the most secure and convenient building entry platform that tethers cloud-based software to intuitive touchscreen hardware. Our mission is to enable people to open and manage doors from a smartphone. To date, ButterflyMX has facilitated more than 25 million door openings and is installed in more than 4,500 properties across the U.S. and internationally. ButterflyMX has been adopted in buildings developed, owned, and managed by the most trusted names in real estate, including Greystar, AvalonBay Communities, Bozzuto, CA Ventures, Lennar, Lincoln Property Company, and Equity Residential. The company is headquartered in New York City. Learn more at www.butterflymx.com.

SOURCE ButterflyMX