Total amount raised
$735 Millions
Latest funding date
01/01/2023
Location
Lessen has successfully raised significant funding through multiple rounds, attracting notable investors such as Varde Partners and Monroe Capital. The company offers a comprehensive platform for managing property maintenance and services, catering to both commercial and residential properties.
Keep reading to explore the intricacies of Lessen's fundraising journey and the investors backing this innovative platform.
What Is Lessen?
Lessen, founded in 2019 by Gregor Watson and Jay McKee, is based in Scottsdale, Arizona. The company operates within the real estate and property management industry, focusing on providing technologically enabled property maintenance solutions.
With a workforce of 501-1000 employees, Lessen leverages a network of vetted service professionals to deliver consistent, high-quality services across over 40 markets in the United States. The company's platform automates and modernizes project management for single-family and multifamily rental properties.
How Much Funding Has Lessen Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2021
- Lead Investors: Navitas Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their property management platform and establish initial market presence.
- Series A
- Amount Raised: $35M
- Date: June 2021
- Lead Investors: Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new technology products, expand field operations teams, and grow into new markets.
- Series B
- Amount Raised: $170M
- Date: November 2021
- Lead Investors: Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their service offerings.
- Series B
- Amount Raised: $30M
- Date: May 2022
- Lead Investors: Legacy Knight
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand their market reach and improve platform capabilities.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: January 2023
- Lead Investors: Invitation Homes, Monroe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for operational expenses and strategic initiatives.
- Venture Round
- Amount Raised: $500M
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To significantly scale their operations and enhance their technological infrastructure.
Total Amount Raised: $735M
Current Valuation: Not publicly disclosed
Key Investors
- Varde Partners
- Details: Varde Partners is a global alternative investment firm specializing in credit and credit-related assets. They manage investments across various sectors and geographies.
- Investment Focus Areas: Credit, real estate, private equity.
- Notable Investments: Not publicly disclosed.
- Monroe Capital
- Details: Monroe Capital is a private credit asset management firm that focuses on direct lending and opportunistic private credit investing. They provide financing solutions to middle-market companies.
- Investment Focus Areas: Direct lending, private credit, middle-market companies.
- Notable Investments: Not publicly disclosed.
- Fifth Wall
- Details: Fifth Wall is a venture capital firm that invests in real estate technology and innovation. They aim to bridge the gap between the real estate industry and technology companies.
- Investment Focus Areas: Real estate technology, innovation.
- Notable Investments: Opendoor, Blend, Hippo.
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm that invests in technology, healthcare, sustainability, and consumer products. They support companies at various stages of development.
- Investment Focus Areas: Technology, healthcare, sustainability, consumer products.
- Notable Investments: DoorDash, Square, Impossible Foods.
- General Catalyst
- Details: General Catalyst is a venture capital firm that focuses on early-stage and growth-stage investments. They invest across various sectors including technology, healthcare, and consumer products.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Airbnb, Stripe, Snap.
What's Next for Lessen?
As Lessen looks to the future, the company is poised to capitalize on significant opportunities in the property management industry. With plans to develop new technology products and expand their field operations teams, Lessen aims to enhance its platform and broaden its market reach. The growing reliance on technology in property services presents a substantial opportunity for Lessen to replace outdated manual processes with centralized project management systems.
Given the successful Series A funding round and the involvement of high-profile investors, Lessen is well-positioned for future fundraising opportunities. These additional funds could support further growth and expansion, allowing the company to scale its operations and integrate new technology products seamlessly. However, challenges such as managing a growing number of service providers and ensuring quality control will need to be addressed to maintain their high standards.
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