The smart lock maker Latch has finished its Series B fundraising with $126 million in financing, the company announced on Thursday.
Growth equity firm Avenir led the Series B funding round along with existing investors such as Brookfield Ventures, RXR Realty and Tishman Speyer. The money completes Latch’s Series B raise, following a prior $70 million funding round that Brookfield Ventures led last year. The New York-based company is now valued at about $500 million overall.
Launched in 2017, Latch allows residents to unlock their doors with a smartphone, keycard or code. The startup claims that one in 10 new apartments in the country now use its system.
Brookfield plans to install Latch systems at some of its new multifamily properties, including Greenpoint Landing. Other major companies planning to use the system at their properties include Toll Brothers, RXR Realty and Encore Capital Management.
Latch said it will use its latest round of fundraising to scale its new construction commitments, expand more into the retrofit market and set the stage for future offerings.
“We’re thrilled to partner with Avenir to catalyze the next phase of Latch’s growth,” Latch CEO Luke Schoenfelder said in a statement. “Equipping doors with our devices is just the first step toward the future we imagine for the modern building.”
Landlords and online retailers have become more interested in smart locks in recent years. Online retailers see them as a way to make it easier for delivery workers to drop off packages, and they allow landlords to no longer have to change physical locks when tenants move out.
Carson Living, a property management tech startup and Latch competitor, announced a $3 million seed funding round for its platform earlier this year.