Total amount raised
$342.1 Million
Latest funding date
6/1/2021
Location
Latch has successfully raised funding over seven rounds, with the latest being a Post-IPO Equity round. The company is backed by 40 investors, including notable names like BlackRock and ArrowMark Partners.
Keep reading to explore the intricacies of Latch's fundraising journey and the investors backing this innovative platform.
What Is Latch?
Latch, headquartered in New York, New York, provides integrated hardware and software solutions. The company operates in industries such as Apps, Artificial Intelligence, Smart Home, and Software. It is a public company listed under the ticker NASDAQ:LTCH.
Founded with a mission to modernize building access and management, Latch has grown to employ between 101 and 250 people. The company has successfully raised funding through multiple rounds and has made several acquisitions to expand its capabilities.
How Much Funding Has Latch Raised?
- Pre-Seed Round
- Amount Raised: USD 120,000
- Date: October 2014
- Lead Investors: Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Latch's smart access systems.
- Seed Round
- Amount Raised: USD 5,500,000
- Date: April 2015
- Lead Investors: Camber Creek, Third Prime
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and market their smart access technology.
- Series A Round
- Amount Raised: USD 10,500,000
- Date: February 2016
- Lead Investors: Lux Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand product offerings.
- Series A Round
- Amount Raised: USD 10,000,000
- Date: May 2017
- Lead Investors: RRE Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product capabilities and increase market reach.
- Series B Round
- Amount Raised: USD 70,000,000
- Date: August 2018
- Lead Investors: Brookfield Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth through new product development and geographic expansion.
- Series B Round
- Amount Raised: USD 56,000,000
- Date: August 2019
- Lead Investors: Avenir
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and expanding market presence.
- Post-IPO Equity Round
- Amount Raised: USD 190,000,000
- Date: June 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development post-IPO.
Total Amount Raised: USD 341,120,000. Current Valuation: Not publicly disclosed.
Key Investors
- BlackRock
- Details: BlackRock is a global asset management firm based in New York City. It is one of the world's largest investment management companies.
- Investment Focus Areas: Asset management, financial services.
- Notable Investments: Various companies across different sectors.
- ArrowMark Partners
- Details: ArrowMark Partners is an investment management firm that focuses on providing customized investment solutions. The firm is headquartered in Denver, Colorado.
- Investment Focus Areas: Investment management, financial services.
- Notable Investments: Various companies across different sectors.
- Brookfield Ventures
- Details: Brookfield Ventures is the investment arm of Brookfield Asset Management, a global alternative asset manager. The firm focuses on investments in real estate and infrastructure.
- Investment Focus Areas: Real estate, infrastructure, renewable power, private equity.
- Notable Investments: Brookfield Properties, various real estate and infrastructure projects.
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures. The firm is based in New York City and Menlo Park.
- Investment Focus Areas: Emerging science and technology ventures.
- Notable Investments: Zoox, Shapeways, Kallyope.
- RRE Ventures
- Details: RRE Ventures is a venture capital firm that focuses on early-stage technology companies. The firm is headquartered in New York City.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: BuzzFeed, Venmo, Spaceflight Industries.
What's Next for Latch?
Latch stands at the cusp of significant growth opportunities, driven by its innovative smart access systems. With partnerships with major developers and companies like UPS and Walmart, the company is poised to expand its market reach and enhance its product capabilities. The nearly $25 billion smart lock market, growing at twice the rate of traditional access systems, presents a vast opportunity for Latch to capitalize on.
Future fundraising efforts seem promising, given the successful Series B round and the company's ambitious growth plans. Latch's ability to attract substantial investment indicates potential for further funding rounds to support its expansion and product development. However, the company may face challenges such as competition from other smart access providers and the need to ensure the security and reliability of its systems.
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