If you’ve ever lost your keys, you know how agonizing it can be to find a way back into your apartment. Manhattan-based Latch developed a hardware-software mashup that makes keys irrelevant so all you need is your phone or a code to unlock a door in an equipped multi-family building.
The company just raised $70 million to unlock its own potential by developing new capabilities and expanding its reach. Part of the expansion involves global real estate company Brookfield Properties, an affiliate of Brookfield Ventures, the lead investor of the funding round. Along with the funding, the real estate company agreed to install Latch’s system in its multi-family properties that are currently being constructed.
Latch is excited to continue building unique experiences that enhance everyday life for apartment residents across the country."
“This investment from Brookfield Ventures further strengthens an already deep strategic and financial partnership between our companies, and will enable Latch to meet the incredible demand for our systems,” co-founder and CEO Luke Schoenfelder said in a statement.
The Series B round also included participation from Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer and Balyasny Asset Management. The latest investment brings the company’s total funding amount to $96 million. Prior to this, its Series A funding totaled $20.5 million spread over the course of a year.
“Latch is excited to continue building unique experiences that enhance everyday life for apartment residents across the country,” COO Ali Hussain said in a statement. “As the first and only complete smart access solution for multifamily buildings, Latch is defining the future of convenience living.”
The company was founded in 2013 by former Apple employees. It emerged from stealth mode in 2016.