Real Estate Services Innovator Receives Investments from Top VCs to Fund New Technology and Market Expansion
SCOTTSDALE, Arizona, November 30, 2021– (COMMERCIAL THREAD) –Reduce, the marketplace platform that brings together homeowners and service professionals to deliver better, faster, and cheaper real estate services than ever before, today announced it has closed a $ 170 million Series B funding round. The announcement of the funding is accompanied by a valuation of the company of more than one billion dollars.
Series B is led by Fifth wall with additional funding from Khosla Ventures, General catalyst and Capital Navitas. Today’s funding announcement comes just five months after Lessen closed its Series A funding round, led by the same group of investors, bringing total invested capital to $ 214 million. Proceeds from the current investment will be used to fund new technology products, support new field operations teams and facilitate market expansion.
Lessen is modernizing the real estate industry with technology that provides a complete end-to-end solution for real estate services. Lessen saves time and money for all parties by replacing manual processes and outdated spreadsheets with centralized project and work order management, as well as integrated dashboards, invoicing and analytics .
Lessen’s platform is flexible, efficient and user-friendly for professionals. It provides a well-defined and consistent workflow for service professionals, incorporating fast and guaranteed payments for work completed, as well as tools vendors can use to grow their businesses quickly.
The platform currently has more than 2,000 service providers in more than 30 markets. Lessen has more than 450 employees and plans to hire 1,000 more in 2022.
“This round of funding gives us the rocket fuel we need to continue growing the business in a number of ways,” said Jay McKee, Founder and CEO of Lessen. “We are recognized as the only company that provides technology-based services in a way that specifically targets the needs of our customers”
“In the past five months since its Series A fundraiser, Lessen has grown exponentially and built the industry-leading managed marketplace for real estate services and property owners,” said Dan Wenhold of Fifth Wall. “We are proud to increase our investment in Lessen and to support the continued expansion of the company into new real estate asset classes and new geographies. “
A close follow-up announcement from the SPV partners is expected before the end of the year.
Lessen is the marketplace platform that unites real estate owners and service professionals to deliver better, faster, and cheaper real estate services than ever before. The Lessen platform provides a complete workflow and outsourcing of real estate service projects, automating the management of the entire real estate service lifecycle. It seamlessly connects property owners to a nationwide network of licensed professionals for renovation, maintenance, cleaning and rotation services, efficiently delivering property services at scale. Lessen is a private venture capital firm based in Scottsdale, Arizona, with offices in Seattle and Miami. For more information, please visit lessen.com.
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