Home WiFi system developer eero inc. (San Francisco) announced it has secured a $50 million round of growth funding led by Menlo Ventures with significant participation by Index Ventures.
eero says its system technology "blankets customers’ homes in fast, reliable WiFi. Instead of a single router, eero uses multiple access points placed throughout the home to create a wireless mesh network that covers every corner of every room. The eero system is simple to set up and easy to manage using the eero app, and over-the-air software updates give customers new features, performance improvements, and constantly improving security."
The new funders join eero’s existing investors, First Round Capital, Shasta Ventures, Redpoint Ventures, Playground Global, and others, which also participated in the round, bringing the company's total funding to over $90 million.
The funding will be used to expand distribution, provide world-class customer support, and grow the eero team. eero will also be available for the first time at a brick and mortar retailer, launching in over 500 Best Buy stores in the U.S. this summer and on BestBuy.com. You can visit the eero page on bestbuy.com here.
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“Since we started shipping eero systems to customers earlier this year, we have been building on our momentum, scaling our infrastructure, and improving our software so we can support our growing customer base,” said Nick Weaver, eero founder and chief executive officer. “With this round of funding from leading investors, eero is well-positioned to provide a strong foundation for the connected home on an even larger scale.”
Mark Siegel, who led Dropcam’s Series B funding round, led the investment for Menlo Ventures and will join eero’s Board of Directors. eero will be the first investment from the Menlo Opportunity Fund, announced in April 2016.
“eero’s explosive growth makes it a perfect fit as the first investment in the Menlo Opportunity Fund, which invests in companies at a key inflection point,” said Siegel, who is also Menlo Ventures managing director. “As previous investors in companies like Dropcam, Roku, and Siri, we believe the team at eero has built a product that is integral to the home of the future, and are proud to partner with them to accelerate the business.”
Mike Volpi, of Index Ventures, will work closely with the eero team as a partner.
The eero home WiFi system is available today in the U.S. at eero.com, Amazon.com; next week at BestBuy.com; and starting this summer at Best Buy retail stores across the United States. Customers can purchase the 3-pack, which is recommended for the average home, for a suggested retail price of $499, or a single eero for a suggested retail price of $199. The free eero app is available for download through the iOS App Store and Google Play Store. For more information, visit eero.com.
