Leasecake, the cloud-based operating system for lease and location management, announced that it raised $12 million in an oversubscribed Series A round led by PeakSpan Capital, a Silicon Valley and New York City based investment firm focused on growth-stage B2B software companies. Las Olas Venture Capital and other existing investors participated in the round, along with new strategic investors including Branded Strategic Hospitality.
Also Read: BHG Financial Establishes New Executive Technology and Information Security Positions
Leasecake allows tenants, brokers and landlords to manage location-related services, from lease management and lease accounting to insurance agreements and franchise operations. Leasecake’s platform provides centralized access to lease and location information, integrating data from multiple sources to serve as a single source of truth for organizations on both sides of the market.
The shift to remote work during the pandemic has accelerated demand for enterprise location management technology. Leasecake’s revenue increased fivefold in 2021 compared to the previous year, with customers ranging from single-site operators to businesses managing more than 1,000 locations. The company plans to use the Series A funding to more than double its headcount over the next 18 months, create new platform offerings and expand further into Europe and Latin America.
“Over the past year we experienced significant demand from businesses of all sizes leveraging our solution to become more efficient, collaborative and nimble,” said Taj Adhav, CEO and co-founder of Leasecake. “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.”
Streamlining Operations for Efficiency and Collaboration
Leasecake’s technology helps businesses – including private-equity firms, franchisors and corporate tenants, brokers and landlords – streamline operations, comply with new lease accounting standards, track mission-critical and time-sensitive contracts, and collaborate more efficiently with service providers. The challenge with siloed legacy systems is that they aren’t intuitive and often can’t adapt to a mobile workforce. But with Leasecake, businesses of all sizes stay on top of their location portfolios – keeping tabs on lease and insurance renewals, tracking safety inspections, and managing business licenses.
“Members on our platform represent every aspect of the real estate life cycle,” said David Schrader, Chief Product Officer of Leasecake. “The technology lets them seamlessly collaborate and share data with real estate brokers, CPA firms, lenders, lawyers and insurance brokers – parties supporting all facets of a lease or buy/sell transaction – so they can quickly move through due diligence, assembling accurate financial statements to close loans and do deals faster.”