We’re thrilled to welcome Latch to the ‘BAMily’ as an investor in their $70M Series B — alongside our friends at Brookfield, Lux, RRE , Primary Venture Partners and some of the biggest names in real estate.
At BAM, we’re big believers of companies integrating data, hardware and software, to deliver a superior product and provide value in ways previously untapped. As multi-family property owners look to lower the cost of package delivery, for example, and delivery carriers (i.e. UPS) push for more efficient distribution, the country’s top property developers have chosen to partner with Latch to implement a suite of tools that vastly improve the tenant experience.
Elegantly-designed hardware, enabled by software, and combined with a differentiated go-to-market strategy compelled our initial investment in Peloton years ago. Today, we believe Latch will similarly pioneer a new category of software-driven systems that deliver the convenience, flexibility, and experience an end user desires in an unparalleled way.
For property developers, Latch reduces building expenses — such as annual re-keying costs — and increases property values. For residents, trusted service providers can gain confidential access by smartphone, doorcode, or keycard, for everything from logistics (Latch-UPS) to short-term rentals (Latch-Airbnb Niido). For building managers, Latch offers a suite of software tools that provide guest, package and security capabilities. Lastly, Latch fundamentally restructures the cost model for last mile delivery and services in a way that has the world’s largest package delivery company excited to partner with them.
None of this would have been possible without the humility, foresight and determination of Latch’s founding team who put their heads down for three years to deliver a special product and business to the nation’s leading property developers.
For these reasons and many more, we couldn’t be more excited to partner with Luke, Ali, Thomas, Brian and the entire Latch team in creating a category-defining company.
We’re delighted to welcome Latch and their team to the ‘BAMily’.
P.S. Latch is hiring!
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