Real estate technology platform Lessen Inc., which provides a marketplace connecting homeowners and service professionals, today said it closed a sizable $ 170 million funding round today.
The Series B round was led by existing investor Fifth Wall with input from Khosla Ventures, General Catalyst and Navitas Capital and brings Lessen’s valuation to over $ 1 billion, the company said. It comes just five months after the company raised $ 35 million in its Series A funding round – a big sign it is growing rapidly.
It’s not hard to see why Lessen might be getting some traction. In an age where many people have adapted to do much of their business online, Lessen offers a very convenient service for anyone involved in property management. It offers what it says is an “end-to-end solution for real estate services” that includes connecting property managers with a variety of carefully selected service professionals who can help them maintain and clean their buildings.
However, it does more than just connect people. The platform also provides a centralized interface for project and work order management tasks, as well as integrated communication and invoicing services. Thus, a property manager can take care of the maintenance of all his properties in a single portal.
For service professionals using Lessen’s platform, they benefit from a steady source of work with a well-defined and consistent workflow, and best of all – guaranteed payment when the project is completed. They can also use the platform to market their expertise to other property managers.
Currently, Lessen claims to have more than 2,000 service providers on its records in more than 30 US markets.
Fifth Wall partner Dan Wenhold said he supports Lessen because the company has grown exponentially and believes it has built one of the best-managed market offerings in the industry.
“We are proud to increase our investment in Lessen and support the continued expansion of the company into new real estate asset classes and new geographies,” he said.
Going forward, Lessen said he will use the cash to accelerate its expansion into new markets, support new field operations teams and fund the development of new technology products.