Smart lock maker Latch has raised $70 million in a Series B funding round, which was led by Brookfield Ventures.
Besides its hefty contribution, Brookfield — through Brookfield Properties — will install Latch’s entry systems at some of its new multifamily properties in development, including at Greenpoint Landing, according to the company’s release.
Also contributing to the Series B round were Tishman Speyer, Lux Capital, RRE Ventures, Primary Venture Partners,Third Prime, Camber Creek, Corigin Ventures and Balyasny Asset Management.
Latch has now raised nearly $100 million in funding. The round valued the New York-based company at more than $250 million.
The firm announced earlier this month that Alliance Residential, The Buccini/Pollin Group, Encore Capital Management, Prometheus, Related Group, RXR Realty, Strategic Capital, and Toll Brothers were also installing Latch systems at their properties.
Latch locks allow users to unlock doors with their phones, a doorcode, keycard, or mechanical key. They also feature security cameras, and the system allows people to send guests temporary access codes. Landlords can manage locks through a web browser.
Smart locks have grown thanks to interest from landlords and online retailers who want to make it easier for delivery workers to drop off packages, the Wall Street Journal reported. It also means landlords won’t have to change physical locks when a tenant moves out. They’re also being integrated into home security systems, but Latch does not sell for individual homes.
Investments in real estate property technology have exploded in recent years. Venture capitalist sunk $18.6 million into so-called proptech firms between 2015 and 2017.