US-based keyless lock producer Latch has added $56m to a series B round backed by real estate managers RxR Realty and Tishman Speyer that now stands at $126m.
Camber Creek, the venture capital arm of property developer Berman Enterprises, also took part in the second tranche, with Brookfield Ventures, a subsidiary of asset manager Brookfield, as well as Avenir Capital, Lux Capital, Third Prime, RRE Ventures and Primary Venture Partners.
Brookfield Ventures led the round’s $70m first close in August 2018, investing with Tishman Speyer, Camber Creek, Lux Capital, RRE, Primary Venture Partners, Third Prime, Balyasny Asset Management and Corigin Ventures. The series B valued Latch at $400m according to the Wall Street Journal.
Founded in 2013, Latch has created a smart system that enables users to enter buildings using a code, keycard or mobile device.
The company’s platform can also be utilised by property managers to add residents to the system and pass along access credentials to service providers such as cleaners or repair workers.
Luke Schoenfelder, Latch’s co-founder and chief executive, said: “Equipping doors with our devices is just the first step toward the future we imagine for the modern building – one where access enables totally new services and experiences.
“We have created a best-in-class solution that helps developers increase the value of their properties, makes life easier for building owners and operators, and will provide residents with new possibilities.”
Camber Creek and Third Prime co-led Latch’s $5.5m seed round in 2015, a round that also featured advertising group R/GA and accelerator operator Techstars, the operators of R/GA Accelerator, from which the company had graduated the year before.
The company closed its $20.5m series A round in mid-2017 when it secured $10m for a second tranche. Lux Capital led the $10.5m first close, which also featured Camber Creek, design services provider PCH, Primary Venture Partners, Corigin Venture Partners, Expansion Ventures and Wan Li Zhu, in 2016.
Photo courtesy of Latchable Inc.
