The news: Latchel, a platform that facilitates maintenance requests from rental property tenants, raised $16.7 million.
The product: Founded in 2016, the Seattle-area startup works mostly with landlords and property management firms as a software platform to facilitate tenant requests, ranging from clogged toilets to assembling furniture. It recently implemented a fintech component, which allows property managers to invoice service providers on the platform, while also providing tenants various financial amenities such as renters insurance.
The customer: Latchel is focused on targeting customers in the property management space, specifically long-term single-family rental properties, said Ethan Lieber, CEO and co-founder. He adds that the trend of institutional investment in single-family rental properties from private equity and Wall Street firms is driving demand from third-party property management firms, who use Latchel as a platform to facilitate their services.
The growth: Latchel evolved since it last received funding more than three years ago, adapting its model alongside a boom in single-family rental property investment, said Lieber. The company says its service is now used in more than 100,000 homes nationwide, up from 33,500 units in 2019. It is also processing more than 12,000 maintenance requests every month. The company has more than 3,000 contractors in its system.
The founders: The Latchel team includes Lieber; fellow co-founder Will Gordon, who is the company’s chief operating officer; and Jullian Chavez, co-founder and engineering lead. Before Latchel, Lieber was director of product at One Planet Ops, creator of websites including Contractors.com and HomeGain. Gordon previously worked at Amazon as a manager on delivery teams. Chavez has built mobile and web apps, including Picmonic.
The funders: F-Prime Capital led the round, with participation from RiverPark Ventures. Existing investors include MetaProp, Bain Capital Ventures, 1984 Ventures and Hack VC. John Lin, an investor at F-Prime Capital, will join the board of directors. The company did not reveal its current valuation.
