Singapore’s igloohome hits 210% of crowdfunding goal for its Smart Padlock

Yon Heong Tung
Singapore’s igloohome hits 210% of crowdfunding goal for its Smart Padlock

Its Indiegogo campaign has received US$105,222 from 162 backers

Singapore-based smart access solutions startup igloohome has reached 210 per cent of their Indiegogo crowdfunding goal for its new Smart Padlock product.

I62 backers have collectively pumped in US$105,222 into its campaign as of this article’s publishing date. Igloohome’s initial target was to raise US$50,000. The company said that the campaign was 150 per cent funded within the first hour of launch.

The Smart Padlock allows property owners to grant access to outsiders via two options: PIN codes or Bluetooth keys.

Users who wish to unlock the Smart Padlock via the PIN code option do not have to download an app to receive time-sensitive access codes. Instead, property owners can send them the codes via text, email or Facebook messenger. Once received, users can use codes to unlock padlock. No registration, downloads, or connection to the internet is required — similar to bank or RSA tokens.

The PIN codes have four settings: recurring, duration, one-time, and permanent.

For the Bluetooth option, users have to download the igloohome app and receive a Bluetooth key from the property owners. Once that is done, they can unlock the lock on their apps, which opens the physical lock.

The Smart Padlock also comes installed with a number of other features and functions such as access logs, relock reminders, security alarms, emergency jumpstarts and a LED Status Indicator.

Also Read: How Igloohome co-founder Anthony Chow turned a ‘hack’ for his Airbnb home into a business

For businesses, they can pay an additional fee to access a dashboard option so they can manage a large number of Smart Padlocks on a centralised platform. This would allow speed up business operations, for example, because staff would no longer need to physically pass keys between one another or even own physical keys if they want to access certain secure facilities.

igloohome has established partnerships with home leasing platforms such as Airbnb and HomeAway, as well as leading property developers such as Sansiri, CapitaLand and Mitsubishi. Its products are available in over 90 countries.

In April this year, igloohome secured a US$4 million Series A funding round led by Insignia Ventures Partners.

Image Credit: igloohome

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