Locks and Security News: your weekly locks and security industry newsletter
4th December 2019 Issue no. 486
Your industry news - first
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Smart Lock company Latch raises $70 Million in Series B Funding
Latch, a smart lock company, has raised $70 million in its Series B funding round. The company was founded in 2013, but was run in stealth mode until 2016 when they announced they had raised $26 million. Founded by former Apple employees, Latch focuses on bringing smart lock technology to office and apartment buildings.
Latch is designed for urban areas and allows residents to open doors using either a magnetic key card, smartphone, or code. The Latch system also allows residents to create temporary codes for guests. This allows access for those who may come intermittently, like maintenance workers or plumbers, but also simplifies entry for those who supplement their incomes with Airbnb.
Brookfield Ventures, a branch of Brookfield Asset Management, led the investment round. Another arm of the company, Brookfield Properties, is linked to the deal as they will install the apartment locks on the properties that they are currently developing.
10th October 2018