Menlo Ventures scores 8x from Dropcam

0
9

dropcamVenture capital firm Menlo Ventures has sold IP video camera and DVR service Dropcam to Nest Labs for a return of eight times after a holding period of less than three years.

Dropcam will now become part of the Nest division at Google, which acquired Nest earlier this year.

Menlo noted that the smart home market is expected to reach $71bn by 2018 from $33bn in 2013.

The company was also backed by Institutional Venture Partners (IVP), which led its $30m Series C in July last year.

The round also saw participation from Accel Partners, Kleiner Perkins Caufield & Byers as well as Menlo.

“Products like Dropcam, Nest, and Roku are part of a new generation companies redefining old, boring categories,” Menlo said in its blog.

“Dropcam…can be used as a baby monitor or security camera, but for many users it has become part of their daily life, to check up on children or pets left at home, and to instantly share video clips on social media.

“With new motion detectors and nighttime cameras, Dropcam has an opportunity to become a full-fledged security system and take over a significant share of a mutlibillion dollar market.”

Copyright © 2014 AltAssets