For Peter and Solamere to place their confidence in Vivint as the smart home leader is a huge validation of what we have built and where we are headed.

If you thought securing naming rights to the Utah Jazz home arena was their final move, you thought wrong — Vivint Smart Home has announced a $100 million investment co-led by Peter Thiel and Solamere Capital.

“For Peter and Solamere to place their confidence in Vivint as the smart home leader is a huge validation of what we have built and where we are headed,” Todd Pedersen, CEO of Vivint Smart Home, said in a statement. “The fact that they are investing in our future demonstrates their passion for our business and their vision for this industry. We look forward to working together to redefine the home experience.”

Both investors come to the table from places of past success. Thiel co-founded PayPal, was the first outside investor in Facebook, and is currently one of the largest shareholders in Airbnb. Solamere Capital, led by Chairman Mitt Romney, has raised multiple funds worth north of $800 million.

Together they will back a company tightening its grip on the ever-expanding smart home market, with Vivint prepared to building on existing revenue of $650 million and a customer base of over one million. Let the growth begin.

Published 4/27/2016