Smart access startup Latch raised $70 million in a Series B round of funding, the company announced Wednesday.

Led by Brookfield Ventures, the funding arrives alongside a deal to install Latch locks at real estate operating company Brookfield Properties’ new multi-family developments. Brookfield Ventures is the tech investing arm of Brookfield Asset Management.

“It allows us to scale amongst large buildings throughout the U.S.,” Latch Chief Operating Officer Ali Hussain told Inman. “The capital helps us to further double down on the successful sales growth we’ve had this year with large multi-family owners and developers.

Latch debuted in 2016 and now offers three hardware devices — a mortise lock, a deadbolt lock and an electronic reader — targeted toward apartment buildings. With the use of a smartphone, keycard or door code, the locks allow residents, building owners, and operators to open entry-way doors to the main area of the building, individual apartments, and the laundry or gym areas. Residents can also send temporary entrance codes to guests or service providers. The Latch device takes photos of every interaction the lock has with a non-resident.

The company had previously raised $26 million from several investors. Along with Brookfield Ventures, Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer and Balyasny Asset Management invested in this Series B round.

The startup has partnered with Niido by Airbnb, Airbnb’s hybrid hotel-apartment complexes, to provide locks for those buildings, as well as with Walmart’s to provide smart lock services for deliveries.

With this new funding, Latch plans to work on developing new products and expanding its geographic reach. The company will work on connecting with customers in the Pacific Northwest, Midwest, Texas, Boston and Washington, D.C. This will add to its reach in Florida, California, and its home city, New York, Hussain said.

“The investment from Brookfield Ventures further strengthens an already deep strategic and financial partnership between our companies and will enable Latch to meet the incredible demand for our systems,” Latch CEO Luke Schoenfelder said in a statement. “We are also grateful that our existing investors have committed so much additional capital in this latest round, which is a true testament to our team and technology.”

Email Emma Hinchliffe

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription