Lessen joins unicorn herd as VCs build up investments in real estate tech
Lessen has raised $170 million in a round led by Fifth Wall to become the latest unicorn in a resurgent real estate tech sector.
Real estate startups have raised more than $19.6 billion worldwide in 2021, according to PitchBook data, setting an annual record as the sector has continued to bounce back from last year's pandemic-induced lull. Lessen's Series B, which values the company at more than $1 billion, also includes participation from Khosola Ventures, General Catalyst and Navitas Capital. The Scottsdale, Ariz.-based company provides a property marketplace platform that helps owners connect with building contractors for projects such as renovations and maintenance.
"The real estate industry is seeing a difficult hiring environment, complicated materials procurement system and increased appetite for portfolio scaling ... all at the same time," said Jay McKee, founder and CEO of Lessen. "All of these can be improved with the right property technology."
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