MAVA Member Camber Creek Re-Invests in Latch, Participates in $10.5 mln Series A
New York, Feb. 10, 2016 — Latch, the first universal smart access system that works for enterprise, consumer, and hospitality users, emerged from stealth today and announced that it has raised a $10.5 million Series A round of funding, led by Lux Capital. To date, the company has raised $16 million in total funding.
“We’ve spent the last two years designing and building a beautiful and nearly universal access experience and can’t wait to publicly deploy our product,” said Luke Schoenfelder, Co-Founder and CEO of Latch. “We’re particularly excited that our funding has come not only from great venture capitalists, but from major enterprise customers that stand to save millions of dollars by eliminating the problems they face in managing their tenants, guests, and service providers.”
“Forget the Internet of Things, it’s about access to things,” said Zack Schildhorn, Partner at Lux
Capital. “You can’t have a sharing economy without trust. Nobody has designed a technology system to give access to trusted paries, simply and securely. Most doors in America are in large commercial and residenial buildings. Latch is the only pla]orm to address these access points. We’re extremely excited for the future they are unlocking.”
Latch’s Series A financing included Primary Venture Partners, Corigin Venture Partners, Camber Creek, Expansion Ventures, PCH, and Wan Li Zhu of Fairhaven Capital, along with additional investments from a group of large strategic real estate funds. The Series A funding is on top of $5.5 million in seed funding led by Camber Creek and 3rd Prime Capital, with participation from R/GA and Techstars.