NEW YORK, Jan. 14, 2016 (GLOBE NEWSWIRE) -- Leading global startup accelerator Dreamit announced today that its Dreamit Inside company Igloohome has secured $1.25 million in seed funding. Dreamit participated in the funding round led by Wavemaker Partners with participation from Singtel Innov8 and Mesh Ventures.
Capitalizing on the fast-growing short-term rental market, Singapore-based Igloohome aims to reduce barriers to listing rooms and properties on Airbnb by addressing two key burdens typically faced by hosts: the inconvenience of the check-in process and the high energy costs that result from unnecessary usage. The Igloohome mobile app connects to Iglooaccess and Igloosense solutions to help hosts manage virtual keys, monitor check-ins/check-outs, log usage activities, and reduce electricity consumption.
Igloohome is a product of Dreamit Inside, a program that enables companies to partner with Dreamit to innovate and spin out new business lines by sponsoring their employees to participate in the proven accelerator.
Igloohome was founded by a group of Singtel employees who won an internal hackathon and received a spot at Dreamit as their prize. The Igloohome founders came to the U.S. and spent three months at Dreamit building their hardware and software, meeting with customers and investors, and receiving critical feedback and mentorship as they developed their product.
In addition to Igloohome, Dreamit Inside has already spun out two fast-growing startups – Haystack and Diagnostic Driving – in partnership with the Children’s Hospital of Philadelphia.
“For big brands today it’s innovate or die, and yet the majority of organizations simply aren’t designed to support the move fast and break things style of entrepreneurship,” said Dreamit CEO Avi Savar. “Igloohome’s success is a perfect example of why smart companies are outsourcing innovation. Through Dreamit Inside, the Igloohome team created an in-demand product, lined up customers around the world, and spun out into an independent company. We’re incredibly proud of what they’ve accomplished to date and are delighted to be invested in their next chapter.”
In addition to raising a seed round, including an investment from fellow Dreamit alumni and SnipSnap founder Ted Mann, Igloohome has spent the past several months expanding into new markets and deepening its relationships with customers. The startup recently landed a partnership with Airbnb to provide hosts with keyless entry capabilities.
"In three short months, Dreamit enabled us to bring Igloohome from concept to live beta trials,” said Igloohome CEO and co-Founder Anthony Chow. “The Dreamit team has been selfless and tireless in their mentorship and guidance, and the entire experience has been extremely enriching both professionally and personally.”
The new funding will enable Igloohome, currently available in Australia, Thailand and Singapore, to accelerate the commercialization of its product. The company plans to roll out in the United States in 2016.
Ranked one of the top 10 business accelerators in the world by Forbes and a top 20 most active venture investor by the National Venture Capital Association and PricewaterhouseCoopers, Dreamit focuses on bringing the right people together to drive progressive innovation and real business velocity. Dreamit has launched over 220 startups that have gone on to raise in excess of $275M and are collectively worth in excess of $1B including LevelUp, SeatGeek, BioBots, Adaptly, Meerkat, and more.