Proptech: Lessen Closes $35 Million Series A Funding Round

Lessen, a marketplace that connects property owners to a network of vetted professionals for renovation, maintenance, and other services, has announced that it has closed a $35 million Series A funding round. According to Lessen, the funding is being led by Fifth Wall, a VC firm focused on tech for the global real estate industry.

Also participating in the funding were seed-round investors including Khosla Ventures, General Catalyst and Navitas Capital. Total funding to date stands at $44 million.

Dan Wenhold, a partner at Fifth Wall, will be joining Lessen’s Board of Directors.

Jay McKee, founder and CEO of Lessen, said the industry is “poised for a revolution in the way that property services are performed, delivered, and managed at scale.”

“Lessen is excited about building a platform that will enable service professionals to increase earnings and reduce stress, while allowing property owners to lower their costs and completely outsource property management concerns.”

Wenhold added that the COVID-19 health crisis has “supercharged” the single family rental market and Lessen stand to benefit from the growing sector by “offering a streamlined solution to the entire property services lifecycle.”

“We believe the opportunity for Lessen is massive, and we’re thrilled to support the company through this next phase of its evolution and beyond.”

Lessen, based in Scottsdale, reports that it currently has more than 1,000 service providers, across 26 markets, which have completed more than 2,000 jobs for institutional investors of single-family residential, multifamily residential, and short-term rental properties.

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