The information: Latchel, a platform that facilitates upkeep requests from rental property tenants, raised $16.7 million.
The product: Based in 2016, the Seattle-area startup works principally with landlords and property administration companies as a software program platform to facilitate tenant requests, starting from clogged bogs to assembling furnishings. It lately applied a fintech part, which permits property managers to bill service suppliers on the platform, whereas additionally offering tenants varied monetary facilities equivalent to renters insurance coverage.
The shopper: Latchel is targeted on focusing on clients within the property administration house, particularly long-term single-family rental properties, mentioned Ethan Lieber, CEO and co-founder. He provides that the pattern of institutional funding in single-family rental properties from personal fairness and Wall Avenue companies is driving demand from third-party property administration companies, who use Latchel as a platform to facilitate their providers.
The expansion: Latchel developed because it final acquired funding greater than three years in the past, adapting its mannequin alongside a growth in single-family rental property funding, mentioned Lieber. The corporate says its service is now utilized in greater than 100,000 houses nationwide, up from 33,500 items in 2019. It’s also processing greater than 12,000 upkeep requests each month. The corporate has greater than 3,000 contractors in its system.
The founders: The Latchel crew consists of Lieber; fellow co-founder Will Gordon, who’s the corporate’s chief working officer; and Jullian Chavez, co-founder and engineering lead. Earlier than Latchel, Lieber was director of product at One Planet Ops, creator of internet sites together with Contractors.com and HomeGain. Gordon beforehand labored at Amazon as a supervisor on supply groups. Chavez has constructed cell and internet apps, together with Picmonic.
The funders: F-Prime Capital led the spherical, with participation from RiverPark Ventures. Present buyers embody MetaProp, Bain Capital Ventures, 1984 Ventures and Hack VC. John Lin, an investor at F-Prime Capital, will be a part of the board of administrators. The corporate didn’t reveal its present valuation.