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Leasecake raises $12M Series A for lease and location management

Leasecake, a cloud-based platform for leasing and property-related services, announced today raising a $12 million Series A led by PeakSpan Capital, according to a press release.

The company says it will deploy the capital to double its headcount over the next 18 months, create new platform offerings and expand further into Europe and Latin America.

Through its centralized platform, Leasecake enables tenants, brokers and landlords to manage location-related services, including lease management, lease accounting, insurance agreements and franchise operations. It says, by integrating data from multiple sources, it provides these customers centralized access to a “single source of truth for organizations on both sides of the market.”

The company noted the funding round was oversubscribed and also included participation from Las Olas Venture Capital, Branded Strategic Hospitality and other existing investors.

The funding round follows a record year for Leasecake, which says it increased its revenue 5x in 2021, citing accelerated demand for enterprise location management technology due to the pandemic. This growth has prompted its full-time workforce to grow from less than five employees in 2019 to 33 today, according to Orlando Inno.

“Over the past year we experienced significant demand from businesses of all sizes leveraging our solution to become more efficient, collaborative and nimble,” stated Leasecake co-founder and CEO Taj Adhav in the release.

“Our customers immediately saw how our platform delivers fast answers for a significant competitive advantage, especially when it comes to the most important aspects of their business. The world is speeding up, and the future of work means finding easy ways to act on what matters. For our customers across the retail, office, and industrial sectors – the future is now,” Adhav said.

The company also stated that its technology is aimed at businesses of all sizes, including private-equity firms, franchisors, corporate tenants, brokers and landlords. It says this wide net, alongside its technology, enables its consumers to seamlessly collaborate and share data with brokers, CPA firms, lenders and lawyers in order to support all facets of leasing or buy/sell transactions.

“The solution really shines when it comes to helping these constituent groups manage multiple properties, offering a wealth of features and ease-of-use that enable these stakeholders to collaborate on the Leasecake platform,” PeakSpan Capital cofounder and managing partner told Orlando Inno.

In other recent proptech news, insurtech TheGuarantors raised a $50 million Series C and stated plans to supplement its rental services with new products. RET Ventures also launched a new ESG-focused Housing Impact Fund, with participation from REITs Essex Property Trust and UDR.

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