Real Estate Services Innovator Lessen Completes $ 35 Million Series A Financing Round | Business

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SCOTTSDALE, AZ – (BUSINESS WIRE) – June 24, 2021 –

Reduce, a marketplace that brings together real estate owners and service professionals to deliver real estate services better, faster and cheaper than ever before, today announced the completion of a $ 35 million Series A funding round.

Serie A is headed by Fifth wall, the largest venture capital firm specializing in technology for the global real estate industry. Initial Investors in Lessen, including Khosla ventures, Common catalyst as well as Navitas Capital, also participated in the company’s Series A, bringing the total capital invested in Lessen to $ 44 million. Proceeds from ongoing investments will be used to fund new technology products, support new field teams, and help expand the market. Dan Wenhold, partner at Fifth Wall, will serve on Lessen’s board of directors.

Lessen is modernizing the real estate industry with technology that provides a complete end-to-end real estate service solution. Lessen saves all parties time and money by replacing outdated manual processes and spreadsheets with centralized project and work order management, as well as integrated dashboards, billing and analytics.

The Lessen platform is flexible, efficient and professional-friendly. It provides a well-defined and consistent workflow for service professionals, including fast and guaranteed payments for work performed, and tools that suppliers can use to grow their business quickly.

The platform currently has over 1,000 service providers in 26 markets, who have completed over 2,000 jobs for institutional investors in single-family residential, multi-family residential and short-term rental properties.

“We are thrilled to partner with a team of world-class investors to build and develop real estate services,” said Jay McKee, founder and CEO of Lessen. “The industry is poised for a revolution in how real estate services are delivered, delivered and managed on a large scale.”

He continued, “Lessen is encouraged to create a platform that will enable service professionals to increase profits and reduce stress, as well as allow property owners to lower their costs and outsource property management entirely.”

“The pandemic has accelerated growth in the single-family rental market with no signs of slowing, but landlords are lacking the technology needed to effectively manage maintenance across their portfolios,” said Dan Wenhold of Fifth Wall. “Lessen stands apart in its approach, offering an optimized solution for the entire lifecycle of real estate services. We believe the opportunity for Lessen is enormous and we are thrilled to support the company in the next phase of its development and beyond. ”

“Khosla Ventures has great teams in large markets and we found both with Lessen,” commented David Weiden, managing director of Khosla Ventures. “Jay has a rare combination of deep industry experience and a vision of how she can transform. Lessen offers a similar range of on-demand market services for residential properties that we see in other investments in our portfolio such as DoorDash and Stripe. “

“Lessen creates flexibility and opportunity for property owners, reliable and smooth operations for professionals, and a better experience for tenants,” said Quentin Clark of General Catalyst. “We are thrilled to continue our partnership with Jay and the entire Lessen team as they scale the solutions they create to empower owners, managers and employees.”

“Demand for Lessen’s service solutions is high, growing and understandable for real estate operators, but finding a team with industry knowledge and technical skills is rare,” said Luis Shotsky, managing partner at Navitas Capital. “This combination immediately seemed like an attractive investment to us.”

About Lessen

Lessen is a marketplace that brings together property owners and service professionals to deliver real estate services better, faster and cheaper than ever before. The Lessen platform provides full workflow and outsourcing of real estate services projects, automating the management of the entire life cycle of real estate services. It seamlessly connects property owners with a nationwide network of trusted professionals for renovation, maintenance, cleaning and renovation services, effectively delivering real estate services on a large scale. Lessen is a privately held venture capital firm based in Scottsdale, Arizona with offices in Seattle and Miami. To find out more visit lessen.com

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CONTACT: Joe Casados

Joe@bospar.com

KEY WORD: ARIZONA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY CONSTRUCTION AND PROPERTY FINANCING REIT COMMUNICATIONS PROFESSIONAL SERVICES INTERNET SOFTWARE RESIDENTIAL BUILDING AND REAL ESTATE

SOURCE: Decrease

Copyright by Business Wire 2021.

PUB: 06.24.2021 09:00 / DISK: 06.24.2021 09:03

http://www.businesswire.com/news/home/20210624005238/en

Copyright by Business Wire 2021.

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