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New York based\u00a0Latch<\/a> has topped up its Series A with a further $10 million in external funding, bringing on a new investor\u00a0RRE 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\u00a0its products nationwide within the U.S.<\/p>\n \u201cWe didn\u2019t have plans to fundraise but we had a really open conversation with RRE in March, we\u2019ve known them for a long time, and saw that this could be a great moment to add another partner to our team,\u201d says\u00a0co-founder Luke Schoenfelder.<\/p>\n \u201cWith this funding we\u2019re able to grow and support our national sales team as we push into new markets,\u201d he adds. \u201cWe\u2019re seeing a huge amount of growth in markets like Miami and Los Angeles and it\u2019s important for us to be able to fully support customers outside our home market of New York City.\u201d<\/p>\n Unlike many early movers in the smart lock space,\u00a0Latch\u00a0targets the enterprise market<\/a>\u00a0\u2014 selling its Internet-connected locks plus a subscription digital entry management service to building owners that want to be able to\u00a0offer value-add services to their tenants, such as the ability to\u00a0give out access codes to delivery companies\u00a0or use key cards to gain keyless and mobile-less entry to an in-building gym.<\/p>\n It\u00a0trailed\u00a0the advent\u00a0of\u00a0a\u00a0second smart lock in March<\/a>, which firms up\u00a0its proposition by adding\u00a0a purely\u00a0electronic access product. The initial\u00a0Latch lock, which launched last year<\/a>, works with mortise locks and includes a physical handle and slot for an actual\u00a0key. With the two devices Schoenfelder says\u00a0it can serve\u00a0a greater variety of buildings \u2014 including\u00a0large commercial offices and multi-occupancy apartment blocks.<\/p>\n \u201cWe have massive competitors in the enterprise space, but none of them are startups,\u201d he argues, couching the team\u2019s software chops \u2014 both co-founders are ex-Apple \u2014 as\u00a0a key (ha!) disruptive advantage.<\/p>\n \u201cOur biggest competitors are Assa Abloy in Sweden, Allegion in the U.S., and DormaKaba, a Swiss conglomerate. They\u2019ve all been in the business of making metal locks for decades (over a century in some cases) and that\u2019s just a very different competency than building highly complex hardware, software, digital product experiences.\u201d<\/p>\n That said,\u00a0convincing slow moving real estate owners to invest in digitally minded upgrades is still clearly not the fastest growing business in town. And\u00a0is Latch not disclosing customer metrics at this still early stage.<\/p>\n \u201cOur biggest challenge is simply competing with the status quo and shifting the adoption curve forward,\u201d he admits. \u201cAlmost everyone sees our system and thinks that it will inevitably end up in their buildings, the question is whether or not it will end up in their buildings this year or five years from now.\u201d<\/p>\n Where does Schoenfelder hope Latch will be in a year\u2019s time? \u201cI hope that we will have completed a premier apartment building project in each of the top 25 U.S. markets by this time next year,\u201d he says on this.<\/p>\n He also confirms\u00a0that the domestic market \u2014 which Latch spent years in stealth\u00a0tooling up to support<\/a> so it can comply with stringent buildings regulations \u2014 remains the focus in\u00a0the short\u00a0term. Now buoyed by a fresh cash injection.<\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2016\/02\/latch-lock-app.jpeg?w=680\")
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. Read More<\/a><\/p>\n\n<\/img><\/a>
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