Latch Raises Series B Led by Brookfield Ventures
You may have read last week's news of Latch’s $70 million Series B, which values the startup at more than $250 million. This is a significant milestone for the smart lock company, which has been redefining enterprise-grade access control since its inception in 2014. The past year has demonstrated Latch’s growing traction in the market, as the company continues to develop innovative relationships with highly impactful partners, including Jet.com, AirBnB and most recently UPS.
One of the things that turned us onto Latch from the very beginning was CEO Luke Schoenfelder's commitment to building an enterprise-first platform. This was the opposite approach of virtually all other access players, which were tackling the market from the direct-to-consumer angle. In building a truly revolutionary enterprise-grade product and go-to-market strategy, Luke saw the huge value in developing deep relationships with strategic real estate partners. These were the folks who would have the deepest understanding of the platform’s capabilities, and who could serve as Latch's most impactful evangelists.
After Luke and his team first pitched us for their seed round, we immediately brought the opportunity to Third Prime, the venture arm of Pan Am Equities, one of the largest owner-operators of multi-family properties in New York City. Third Prime co-led the seed round with us, and became Latch’s first strategic partner, agreeing to deploy the locks throughout Pan Am’s residential buildings. Since the company’s rollout, many of the leading real estate firms in the country have seen Latch’s value, and dozens are now not only commercial partners, but equity partners as well. Buy-in from the real estate community at every point along Latch’s journey has culminated in this Series B, led by Brookfield Ventures, a unit of Brookfield Asset Management, the largest owner of real estate in the world.
We are proud of Latch’s progress in the market, and we can’t wait to see what the future holds for this amazing team and game-changing platform. We were thrilled to invest in this financing alongside Lux Capital, RRE Ventures, Camber Creek and other existing investors.