SEATTLE, July 27, 2022 /PRNewswire/ — Latchel, an award-winning property management platform modernizing maintenance operations and resident amenities, has raised $16.7 million in Series A fundraising led by F-Prime Capital with participation from RiverPark Ventures and existing investors, MetaProp, Bain Capital Ventures, 1984 Ventures, and Hack VC. As part of the round, John Lin of F-Prime Capital will join the board.
The funding will be used to accelerate product development, deepen third party property management integrations, and expand platform customizability across maintenance automation solutions so any property manager can enhance resident service levels and reduce their operating cost. Latchel recently implemented fintech into their product with a Vendor Pay feature, allowing property managers to easily manage and automate invoicing for service providers.
As residents spent more time at home during the pandemic, property managers saw an increase of spontaneous maintenance requests. With units distributed across different geographic locations and needing to minimize contact, both residents and managers needed a better way to troubleshoot maintenance issues, and a faster way to manage incoming requests.
Latchel’s plug and play maintenance operations and virtual resident amenity platform significantly simplifies resident management for property managers, raising the bar for rental service levels, and reimagining the status quo for resident offerings. Maintenance inquiries and questions are answered by experienced professionals in 60 seconds, 24/7/365 – a long overdue departure from voicemails and elongated periods between request and response. With a fully customizable resident amenity platform, Property Managers can offer their residents a full suite of benefits that elevate the rental experience through Latchel’s curated partners – things like cashback on rent, insurance policies (rental, auto, pet, etc), and resident caused damages. Property Managers can reduce resident attrition and drive up overall efficiency and revenue.
“There is a massive opportunity to impact rental management in a meaningful way. There has been a lot of investment in the proptech space, but most of it has been around customer acquisition rather than how property managers can better serve their residents.” said John Lin, Investor at F-Prime Capital. “Latchel is one of the few companies that is focused on the day to day operations management and creating a better experience for the resident.”
Property managers can now eliminate the backlog of maintenance requests and watch confidently as maintenance requests move through Latchel’s workflow. By including Latchel’s resident benefits offering as a resident paid amenity in lease addendums, managers can also create a new revenue stream to boost their profitability and growth potential. Overall, property managers get to spend less time firefighting in a hyper-reactive state, and more time proactively improving the health of their business.
“The most rewarding part of being able to build solutions in this industry is the relief, reassurance, and empowerment we’ve been able to give to our customers and their residents, and the difference it has made in both their businesses and personal lives,” said Ethan Lieber, CEO and Founder of Latchel. “We’re excited to have more fuel to continuously improve the solutions we build, expand, and allow more property managers to provide better and more competitive resident service levels, and to operate more doors with less overhead cost.”
Latchel’s platform is used in over 100k homes nationwide and processes over 12,000 maintenance requests every month with a 4.8/5 star rating across all work orders. Latchel recently won Proptech Breakthrough’s 2021 Property Management Innovation Award.
Latchel is an award winning property management technology company that empowers property managers to provide unbeatable customer experience with streamlined maintenance operations, and top-tier resident amenities. With built in layers that elevate the resident experience, property managers are also able to increase their revenue by implementing the service as a resident paid amenity. Renters get better service levels that average a 4.8/5 star rating, and property managers can increase both operational efficiency and overall profitability. For more information, visit www.latchel.com
About F-Prime Capital
F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies.
With over two billion dollars under management and a global portfolio of more than 160 companies, we champion those dedicated to creating positive change in the world. In healthcare, we focus on therapeutics, medtech, and health IT & services in a stage-agnostic fashion. In technology, we focus on enterprise software, fintech and frontier tech; while we’re early-stage investors by choice, we’ll back exceptional teams at any stage. Our team of investors, engineers, doctors, and scientists is committed to bringing the insight, domain expertise, and relationships required to help our companies make a transformational impact.
F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA. For more information, please visit fprimecapital.com and follow us on Twitter and LinkedIn.