Latch raises $70M for its apartment smart lock system

Latch announced this morning that it has raised $70 million in Series B funding.

The round was led by Brookfield Ventures, the investment arm of Brookfield Asset Management. As part of the deal, Brookfield Properties will also be installing Latch systems in its multi-family properties that are currently under development.

“We are thrilled to support Latch, the clear market leader in a nearly $25 billion space that is expected to grow at twice the rate of traditional access over the next several years,” said Brookfield’s Josh Raffaelli in the funding announcement.

Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer and Balyasny Asset Management also participated in the new funding.

Latch’s smart lock system is designed for apartment buildings rather than single-family homes, allowing you to open doors with a smartphone, keycard or door code. It also allows residents to create temporary access codes for guests and service providers.

Speaking of service providers, Latch announced a pilot partnership with UPS earlier this summer that will allow UPS drivers to receive unique credentials for entering buildings to make deliveries.

Latch was founded five years ago, but stayed in stealth mode until 2016. It previously raised $26 million funding.