Latchel, a maintenance operations and resident experience-focused property management platform, today announced raising a $16.7 million Series A led by F-Prime Capital, according to a press release.
The company says the funding will be used to accelerate product development, deepen third-party integrations and expand its platform’s customization across maintenance automation solutions. It says these investments will enable a larger range of property managers to increase resident service levels and reduce operating costs.
RiverPark Ventures and existing investors MetaProp, Bain Capital Ventures, 1984 Ventures and Hack VC also participated in the round.
In addition to Latchel’s core maintenance workflow tools, which include 24/7 contact service and automated service provider invoicing, the company says its customizable resident amenity platform also provides owners and operators with ways to elevate the rental experience through curated partners.
These services include cashback on rent, insurance policies and reporting on resident-caused damages. The company says due to these integrations, managers can reduce resident churn and increase 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.” stated John Lin, Investor at F-Prime Capital, who joins the company’s board as a result of the funding.
“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,” Lin said.
The company also noted that by including its resident benefits offering as a resident paid amenity in lease addendums, property managers can create a new revenue stream.
Founded in 2016 and based in Seattle, Latchel says its platform is now used in over 100,000 homes across the U.S. and claims to have processed over 12,000 maintenance requests per month with a 4.8/5 star rating across all work orders.
The proptech has now raised $24.3 million in funding to date, including a $2.3 million seed led by Bain Capital Ventures and Y Combinator.
In other recent proptech news, Leasecake hired former JLL Technologies exec Scott WIlliamson as COO. JLL also acquired Envio Systems to bolster its building operation data technology.