Lula, a leading platform for streamlined property maintenance solutions, announced it raised a $28 million Series A funding round, led by PeakSpan Capital, with participation from existing investor RET Ventures.
This growth capital investment will advance Lula’s goal of reinventing the property maintenance industry through sophisticated technology and a network of skilled and vetted contractors.
Since launching in 2017, Lula has experienced rapid growth, now providing maintenance across 42 markets nationwide. And with a vetted network of more than 6,000 Lula Pros, including skilled handymen, plumbers, electricians, and HVAC contractors, the company has become a trusted partner for property managers and investors seeking efficient, reliable maintenance solutions. Last year, Lula’s proprietary platform processed over 100,000 work order requests from more than 125 property management customers, demonstrating the company’s robust capabilities and growing market presence.
The Series A investment will enhance Lula’s technology platform, expand its market presence, and grow its network of skilled professionals. And a significant portion of the funding will be allocated to advancing artificial intelligence capabilities and developing Foresight, an AI-based work order management SaaS platform.
This strategic initiative empowers property management companies to significantly boost their operational efficiency and deliver an unparalleled maintenance experience. Foresight is engineered to seamlessly integrate in-house maintenance teams, third-party contractors, and Lula Pros into a unified, comprehensive maintenance management system.
KEY QUOTES:
“This investment marks a pivotal moment for Lula and the property maintenance industry. With PeakSpan’s support and the continued backing of our early investor RET Ventures, we are set to accelerate our growth, expand our Pro network, and deliver even greater value to our customers. Our vision is to make property maintenance seamless, efficient, and stress-free for property managers and residents nationwide.”
- Bo Lais, CEO and Founder of Lula
“Since meeting Bo and the Lula team a few years ago, PeakSpan has been impressed with Lula’s ability to elegantly address the increasing complexity of residential maintenance management through both differentiated technology and an expansive contractor network. The Lula team has demonstrated a clear ability to drive capital-efficient growth and innovate with new product offerings, including the Company’s recent Foresight release. We see incredible opportunity for Lula to further optimize the maintenance workflow across the residential ecosystem and are energized to support the team in this next phase of company development.”
- Kyle Reitinger, Vice President at PeakSpan Capital
“As owners and operators continue to navigate an uncertain economic environment, streamlining labor-intensive processes such as property maintenance is a top priority. We made our initial investment in 2022 because of Lula’s incredible product-market fit and traction, and we’ve been continually impressed by the company’s growth and execution over the past three years. As we continue to support the company and invest in Lula’s Series A, we look forward to supporting the Lula team as they refine their product offerings and continue delivering value to residential owners nationwide.”
- Aaron Ru, a Principal at RET Ventures
