- Leasecake recently announced it raised $12 million in Series A funding. These are the details.
Leasecake – a cloud-based operating system for lease and location management – recently announced that it raised $12 million in an oversubscribed Series A round led by PeakSpan Capital. And Las Olas Venture Capital and other existing investors participated in the round, along with new strategic investors including Branded Strategic Hospitality.
Leasecake enables tenants, brokers, and landlords to manage location-related services, from lease management and lease accounting to insurance agreements and franchise operations. And 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 the demand for enterprise location management technology. And Leasecake’s revenue increased fivefold last year compared to the previous year with customers ranging from single-site operators to businesses managing over 1,000 locations. The company plans to use the Series A funding round to more than double its headcount over the next 18 months, create new platform offerings and expand further into Europe and Latin America.
Leasecake’s technology helps businesses like private-equity firms, franchisors, 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. And 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 while keeping tabs on lease and insurance renewals, tracking safety inspections, and managing business licenses.
Radiance Holdings – which owns beauty and wellness franchisors Sola Salon Studios and The Woodhouse Day Spa – offers Leasecake as a benefit to help their franchisees and local salons manage real-estate operations.
Specialized Retail, the retail subsidiary of Specialized Bicycle Components, utilizes Leasecake to manage its fast-growing network of company-operated stores. And the software helps Specialized Retail’s small team keep pace with expansion – the network now includes 60 locations – as they onboard dozens of new sites.
KEY QUOTES:
“Over the past year, we experienced significant demand from businesses of all sizes leveraging our solution to become more efficient, collaborative, and nimble. 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.”
— Taj Adhav, CEO and co-founder of Leasecake
“Members on our platform represent every aspect of the real estate life cycle. 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.”
— David Schrader, Chief Product Officer of Leasecake
“As the nation’s fastest growing Salon Studio franchisor, we needed a location management solution to easily deploy system-wide across our 600+ locations. To maintain our industry leadership, we want to be well ahead of the digitization curve for our back office. Using Leasecake has paid off: the platform is a powerful solution to help us scale and expand our footprint nationwide with fast answers on mission-critical real estate and location details – all in a collaborative, intuitive platform that supports our franchisees.”
— Nathan Jensen, Chief Financial Officer of Radiance Holdings
“Our infrastructure is still maturing, but Leasecake gives us the processes we need to manage rapid growth.”
— Peter Robson, Retail Operations Manager at Specialized Retail
“We think Leasecake is a pioneer in bringing broad-based location management excellence to tenants, landlords, and brokers. 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. We are so energized by the opportunity to partner with the Leasecake team in capitalizing on their extraordinary progress to date and build the definitive location management leader in the market.”
— Phil Dur, Co-Founder and Managing Partner of PeakSpan Capital
