Smart intercom startup ButterflyMX announced Tuesday it closed on a $35 million growth equity round, bringing its total funding raised to more than $40 million.
The round was led by Volition Capital, with participation from Egis Capital, RiverPark Ventures and Stifel Ventures Bank, and will be used to expand into new markets and put out new products. The company also plans to hire 80 new employees in the next year, with various open positions available at its NYC headquarters.
Launched in 2015, ButterflyMX creates intercoms that are designed to have a lower cost and less hardware than competitors. With smartphone technology, these intercoms allow building managers and tenants to grant visitors entrance without needing to use keys or fobs. Visitors can use the accompanying app to have video calls with building residents, then use an accompanying ButterflyMX touchscreen to gain access with virtual keys similar to QR codes and secure PINs.
ButterflyMX claims to have more than a million users at the 4,500 properties where it is used across the United States, from traditional multifamily apartments to commercial buildings.
“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 Robert Chefitz of Volition Capital, who will also join the company’s board of directors as part of this deal. “As this industry continues to develop, we are confident ButterflyMX will continue to deliver on its mission of enabling property access from smartphone.”
CEO and founder Cyrus Claffey says the spike in demand for contactless delivery solutions amid the pandemic has opened the eyes of property managers, and led to a renewed interest in technology like ButterflyMX.
Now, the company wants to expand into into new tech that goes beyond the front door, and plans to continue growing internationally.