- General
- August 22, 2018
- 6 minutes read
Smart lock maker Latch raises $70 million and inks strategic partnership with Brookfield Properties
Latch’s smart lock technology in display image credit : Latch Smart lock maker Latch, The New York based startup which…
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| Latch’s smart lock technology in display
image credit : Latch
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Smart lock maker Latch, The New York based startup which launched out of stealth 3 years after its founding in 2016 with hardware and software systems for seamless digital management of properties has now raised $70 million in a Series B round led by investment giant Brookfield Asset Management’s tech investing arm Brookfield Ventures with the likes of RRE Ventures, Primary Venture Partners, Third Prime, Corigin Ventures, Tishman Speyer, Lux Capital and Balyasny Asset Management also participating in this round.
This brings the total raised by Latch to $96 million with the Series B funding geared towards continued growth through the development of new products, expanded geographic reach and enhanced capabilities.
Brookfield Properties, The global asset management giant’s investment arm is also now inking a strategic partnership with Latch which would see the 5 year old smart lock startup install its system throughout its multi-family properties in development which would create world’s largest smart access ecosystem based on a single portfolio.
“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,” said Luke Schoenfelder, Latch Co-Founder and CEO. “We are also grateful that our existing investors have committed so much additional capital in this latest round, which is a true testament to our team and technology.”
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| Another depiction of Latch’s smart lock technology
image credit : Latch
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“Latch is excited to continue building unique experiences that enhance everyday life for apartment residents across the country,” said Ali Hussain, Latch COO. “As the first and only complete smart access solution for multifamily buildings, Latch is defining the future of convenience living.”
In the past 12 months, Latch has formed partnerships with notable names including UPS, Apple, Airbnb, Niido, Walmart and its e-commerce subsidiary Jet.com creating suites of new experiences for both home sharing platforms, Apple’s HomeKit, automated deliveries and smart access density in the NY city market.
Latch was notably started by ex-Apple employees who still lead the company now reportedly valued at over $250 million.
In the past, The smart lock maker has made partnerships with Brookfield with its smart system currently being installed in at least two of Brookfield’s residential properties at the moment.
Josh Raffaelli, Managing Director at Brookfield Ventures, stated, “We are thrilled to support Latch, the clear market leader in a nearly $25 billion space that is expected to grow at twice the rate of traditional access over the next several years. This partnership is consistent with Brookfield Ventures’ approach of identifying and investing in disruptive technologies that shape the modern economy.”
