PropTech Latchel scores $16.7m

Latchel, a property management platform modernising maintenance operations and resident amenities, has raised $16.7m in Series A funding.

The round was led by F-Prime Capital with participation from RiverPark Ventures and existing investors, MetaProp, Bain Capital Ventures, 1984 Ventures, and Hack VC.

Latchel’s plug and play maintenance operations and virtual resident amenity platform aim to simplify property management. Through the platform, property managers can offer their residents a full suite of benefits that elevate the rental experience through Latchel’s partners, such as cashback on rent, insurance policies (rental, auto, pet, etc), and resident caused damages.

The company also recently implemented FinTech into their product with a Vendor Pay feature, allowing property managers to easily manage and automate invoicing for service providers.

Latchel said it will use the capital to accelerate product development, deepen third party property management integrations, and expand platform customisability across maintenance automation solutions so any property manager can enhance resident service levels and reduce their operating cost.

John Lin, Investor at F-Prime Capital, said, “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. 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.”

PropTech platform Oper, which enables digital mortgages, recently raised €11m in its Series A funding round.

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