ButterflyMX - Volition Capital

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Proptech

ButterflyMX provides smart home technology, primarily for multi-family residential, and building owners and managers.

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ABOUT

Headquartered in New York City, ButterflyMX is on a mission to enable people to open and manage doors from the convenience of a smartphone. The Company’s flagship product, an internet-connected, next-generation video intercom system, allows for mobile device entry, guest access, and security compliance.

BACKGROUND

ButterflyMX was founded in 2014 by Cyrus Claffey, who recognized that the property access solutions that were available at the time were restrictive, cumbersome, and expensive. He saw an opportunity to leverage a device almost everyone owned – the smartphone – as the core solution to solving property access challenges for tenants, visitors, and guests. By 2019, the Company was growing quickly, with its smartphone-enabled products installed in over 4,000 residential, commercial, and student-housing properties around the world. Capitalizing on this momentum, the Company brought aboard Trip Advisor alum Aaron Rudenstine as CEO, and started the process of finding the right investment partners for its next, critical phase of growth.

Why We Invested in ButterflyMX

Volition Managing Partner, Roger Hurwitz, met the the Company’s team in 2019. He noted, “When we met the team at ButterflyMX, we were excited by the vision for the company and firmly believed they had what it takes to become the next disruptive technology provider for property owners and managers in both the residential and commercial markets. We understood that Property owners and managers were actively looking to adopt technology to increase the marketability of their buildings in an increasingly competitive environment.”

Today, the Company is used by 4,500+ buildings, 450,000+ units, and have 6,000+ individual 5-star reviews. This has allowed the Company to consistently gain market share with its proven land-and-expand sales strategy. Additionally, while starting in multi-family housing, the Company is seeing strong demand from other large markets, such as student housing and commercial office properties. Clients are also bringing them in to help manage their international properties, which represents a largely untapped market opportunity.

Roger said, “Just as tenants are welcomed to their homes and offices by ButterflyMX’s smart technology, we want to welcome our friends at ButterflyMX into the Volition Capital family!”