New York based Latch has topped up its Series A with a further $10 million in external funding, bringing on a new investor RRE Ventures. Existing investors also participated. The smart lock maker has now raised a total of $26 million since being founded, back in 2014, and recently opened up availability for its products nationwide within the U.S.
“We didn’t have plans to fundraise but we had a really open conversation with RRE in March, we’ve known them for a long time, and saw that this could be a great moment to add another partner to our team,” says co-founder Luke Schoenfelder.
“With this funding we’re able to grow and support our national sales team as we push into new markets,” he adds. “We’re seeing a huge amount of growth in markets like Miami and Los Angeles and it’s important for us to be able to fully support customers outside our home market of New York City.”
Unlike many early movers in the smart lock space, Latch targets the enterprise market — selling its Internet-connected locks plus a subscription digital entry management service to building owners that want to be able to offer value-add services to their tenants, such as the ability to give out access codes to delivery companies or use key cards to gain keyless…