Ottawa-based 1Valet lands $15M credit facility from Scotiabank
The prop-tech company received a revolving credit facility to accelerate North American expansion. The platform serves over 300 developers, owners and property managers across the continent.
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Ottawa-based 1Valet has secured $15 million in non-dilutive growth capital through a revolving credit facility from Scotiabank and Roynat Capital, a Scotiabank subsidiary.
The facility will fund 1Valet's North American expansion, allowing the company to deepen ties with existing customers, expand its sales footprint, and scale the platform to more multifamily properties across the continent.
"This facility lets us invest directly in our North American growth, expand our sales capabilities, and continue delivering the technology and service our customers rely on every day," said Demetrios Barnes, 1Valet's chief executive. "Our focus remains clear: deepen the value we deliver to existing customers, expand our footprint, and bring the 1Valet platform to more multifamily portfolios across North America."
1Valet's platform provides condo and apartment dwellers with keyless entry, remote thermostat control, and automatic package delivery alerts. The software uses AI facial recognition to allow users to unlock doors and lets couriers enter apartment lobbies by scanning a package's barcode. More than 300 developers, owners, and property managers across North America currently use the platform.
The funding announcement follows 1Valet's recent hiring of prop-tech industry veteran Isaiah DeRose-Wilson as chief hardware officer. DeRose-Wilson co-founded SmartRent, where he served as chief technology officer and helped guide the firm's rise to a publicly traded company. He rejoins former colleague Barnes, who helped launch SmartRent in 2017 and served in various executive roles before taking the helm at 1Valet earlier this year.
The facts
How much funding did 1Valet secure?
1Valet secured $15 million in non-dilutive growth capital through a revolving credit facility from Scotiabank and Roynat Capital.
What features does 1Valet's platform offer?
1Valet's platform provides keyless entry, remote thermostat control, and automatic package delivery alerts. It uses AI facial recognition to allow users to unlock doors and lets couriers enter apartment lobbies by scanning a package's barcode.
Who is 1Valet's new chief hardware officer?
Isaiah DeRose-Wilson joined 1Valet as chief hardware officer. He co-founded SmartRent, where he served as chief technology officer before the company became publicly traded.
