July 27, 2022/ Seattle: With participation from RiverPark Ventures and existing investors MetaProp, Bain Capital Ventures, 1984 Ventures, and Hack VC, the USD 16.7 million Series A fundraising for Latchel, an award-winning platform for property management that modernizes maintenance operations and resident amenities, was led by F-Prime Capital. John Lin of F-Prime Capital will join the board due to the round.
For any property manager to improve resident service levels and save operating costs, the funds will be utilized to speed product development, deepen third-party property management interfaces, and expand platform customizability across maintenance automation solutions. With the recent addition of a Vendor Pay function by Latchel, property managers can now manage and automate service provider invoices.
Ethan Lieber, CEO, and Founder of Latchel:
“the most fulfilling part of building 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 their businesses and personal lives.” We’re thrilled to have more resources to continue developing our solutions, grow, and enable more property managers to offer better and more competitive resident service levels and run more doors with lower overhead costs.
John Lin, Investor at F-Prime Capital:
“There is a tremendous chance to impact rental management significantly. The proptech industry has seen a lot of investment. Still, most of it has been focused on acquiring new clients rather than improving resident services, “John Lin, a shareholder at F-Prime Capital, stated. “Latchel is one of the few businesses focused on managing day-to-day operations and improving the resident experience.”
More about the startup:
Latchel is an award-winning provider of property management technology that equips property managers to deliver unrivaled customer service through efficient maintenance procedures and first-rate resident amenities. Property managers can enhance their revenue by deploying the service as a resident-paid amenity because it has built-in layers that elevate the resident experience.
Renters receive higher-quality services rated 4.8 out of 5 stars, while property managers can boost operational effectiveness and total profitability.
Property managers saw a rise in ad hoc repair requests as residents spent more time at home during the pandemic. Both tenants and managers wanted a speedier approach to handling incoming inquiries because the units were dispersed across various geographic regions, and there was a need to limit contact.
Property managers can manage residents much more easily thanks to Latchel’s plug-and-play maintenance operations and virtual resident amenity platform, raising the bar for rental service standards and reimagining the current state of resident offers. A long overdue change from voicemails and long wait times between request and response, maintenance queries and questions are responded to by trained specialists in 60 seconds, 24/7/365.
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