US-based smart lock producer Latch raised $70m yesterday in a series B round featuring real estate developers Tishman Speyer and Berman Enterprises, the latter investing through venture capital vehicle Camber Creek.
The round was led by Brookfield Ventures, the VC arm of asset management firm Brookfield Asset Management, and included Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Corigin Ventures and Balyasny Asset Management.
Latch has created a smart access system for buildings that enables users to open doors using their smartphone, a keycard or a passcode. There is an option to grant temporary access through special codes, and the systems are equipped with cameras that record everyone who enters.
Brookfield’s property investment unit, Brookfield Properties, will begin installing the company’s technology in all of the multi-family homes it is currently building. The series B proceeds will support geographic growth and the introduction of new products.
Luke Schoenfelder, co-founder and CEO of Latch, said: “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.
“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.”
Latch has now raised $96m since it was founded in 2014, including $5.5m in a 2015 seed round co-led by Camber Creek and Third Prime Capital and backed by advertising firm R/GA and accelerator operator Techstars, following Latch’s graduation from R/GA Accelerator.
The company then received $10.5m from Camber Creek, product design firm PCH International, Lux Capital, Primary Venture Partners, Corigin Venture Partners, Expansion Ventures, angel investor Wan Li Zhu and unnamed real estate funds in early 2016.
REE Ventures subsequently led a $10m round for the company in May 2017 that also featured undisclosed existing investors.
– Image courtesy of Latchable Inc.