Just months after finally shipping its product to consumers, smart wireless routing system eero has pulled in a new $50 million in growth funding from Menlo Ventures, as the first investment from the Menlo Opportunity Fund.
Index also led the round. Existing investors First Round Capital, Shasta Ventures, Red Point Ventures, and Playground Global also added to this round.
eero is not disclosing specific terms of the deal, but the startup added a healthy $35 million to the bank last November, putting eero’s total capital at $90 million so far.
eero’s system works on boosting Wi-Fi signals by placing several of its little square devices in corners of the home that are hard for a single router to reach.
But the company faces stiff competition from similar wireless routing systems such as Luma and Apple’s Airport Express.
Co-founder Nick Weaver is not bothered by that competition, however. “What’s great is we really have the capital and the means to continue growth,” he told TechCrunch. “We’re the best product on the market today and I can say that pretty confidently. Even Apple doesn’t offer the same experience.”
eero claims to be the only wireless mesh routing system for Wi-Fi. The new funds will help give the startup the assistance needed to grow and begin to forge relationships with retailers both online and off.
eero plans to launch with one such brick-and-mortar chain, Best Buy, this summer and is expected to begin selling through BestBuy.com at the beginning of next week. Sometimes big retail stores give products a test run, but, in this case, eero will sell in more than 500 Best Buy stores, or more than half the retail giant’s physical outlets, which is a nod to the product’s success so far.
eero pre-sold more than $1 million in inventory for its wireless mesh router before launching earlier this year and orders have not slowed down since, according to the company.
Menlo Ventures’ Mark Siegel will now join eero’s board of directors and Index Ventures’ Mike Volpi will work closely with the team as a partner in this next phase of the company.
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