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Real estate marketplace platform Lessen closes USD170m Series B funding round

Lessen, a marketplace platform for the delivery of property services, has closed a USD170 million Series B funding round led by Fifth Wall with additional funding coming from Khosla Ventures, General Catalyst and Navitas Capital. The funding round sees the company valued at over USD1 billion.

The Series B funding announcement comes just five months after Lessen closed its Series A round, led by the same group of investors, bringing total capital invested to USD214 million. Proceeds from the current investment will be used to fund new technology products, support new field operations teams and facilitate market expansion.

Lessen modernises the real estate industry with technology that delivers a comprehensive, end-to-end solution for property services. Lessen saves all parties time and money by replacing outdated manual processes and spreadsheets with centralised project and work order management, as well as integrated dashboards, billing and analytics.

Lessen’s platform is flexible, efficient and service professional-friendly. It provides a well-defined and consistent job flow for service pros, incorporating fast and guaranteed payments for completed work, as well as tools that providers can use to quickly grow their businesses.

The platform currently has more than 2,000 service providers, across 30-plus markets. Lessen has 450-plus employees with hiring plans for 1,000 more in 2022.

“This funding round gives us the rocket fuel we need to continue to scale the business in many ways,” says Jay McKee, Founder and CEO of Lessen. “We are being acknowledged as the only company that is delivering technology-enabled service fulfillment in a way that specifically targets our clients needs”

“In the last five months since its Series A fundraise, Lessen has grown exponentially and built the industry-leading managed marketplace for property services and real estate owners,” says Dan Wenhold of Fifth Wall. “We are proud to increase our investment in Lessen and support the company’s continued expansion across new real estate asset categories and geographies.”

An announcement of follow-on closing of SPV partners is expected before the end of the year.

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