CARMEL, IND. (March 8, 2023) – Allegion Ventures – the corporate venture fund of Allegion plc – has added proptech startup Latchel to its investment portfolio, underscoring its commitment to accelerating the growth of innovative companies. This latest portfolio addition comes as Allegion Ventures celebrates its five-year anniversary – the fund launched on March 8, 2018, and has made several focused investments centered on technology that bridges physical and digital security and enhances user experiences.
Latchel, which was founded in 2017, elevates rental experiences using technology to empower property managers to streamline operations – providing their renters better service, more perks and faster maintenance in an efficient and cost-effective way. The Latchel software platform enables property managers to be more responsive, while also creating a new revenue stream so they don’t have to choose between happy residents and a healthy bottom line.
Allegion Ventures Principal John Goodwin said, as a strategic investor, he sees many areas of potential contribution to Latchel’s future success in solving key challenges for property managers and renters, alike.
“At the core of this investment is our belief in the Latchel team’s ability to not only add value for their direct customers, but also drive a new standard of efficiency and seamless experiences in the broader property management industry,” Goodwin said. “Latchel is solving problems from a unique angle. They care about the bottom line, and they help boost it by putting resident experiences first. We have common ground in our desire to leverage technology to provide better solutions and bridge physical and digital experiences – making this announcement a great way to mark Allegion Ventures’ five-year anniversary.”
Latchel CEO Ethan Lieber said the company’s platform has already proven successful in the single-family rental market, and there’s great potential in the multifamily rental market, too.
“Latchel continues to push services into the multifamily market, and Allegion Ventures’ knowledge of building access in the space is incredibly valuable to our team as we work to make a big difference for property managers looking to operate at the next level,” Lieber said. “I’m excited to tap their expertise and explore the potential of creating a bridge to connect maintenance, concierge services and building access in the future.”
Terms of the Allegion Ventures deal have not been disclosed.
About Allegion Ventures
Allegion Ventures is the corporate venture fund of Allegion. It invests in and accelerates the growth of companies with innovative technology or software that bridge physical and digital security and create seamless user experiences. For more information, please visit www.AllegionVentures.com.
Latchel is a Venture Backed Proptech startup company that was founded in 2017 to help property managers streamline the maintenance operations - the most time and cost consuming aspect of the business. Latchel has since added a myriad of resident benefits and perks to its offerings that further streamline and elevate the rental experience for all parties involved. Latchel now serves over 100k units nationwide. For more information, please visit www.latchel.com.