Leasecake Raises $12 Million to Fuel Commercial Real Estate Platform’s Expansion into New Markets
Series A Round Led by PeakSpan Capital Will Fund Investments in New Platform Capabilities and Geographies
June 27, 2022 // Franchising.com // ORLANDO, Fla. - Leasecake, the cloud-based operating system for lease and location management, announced today that it raised $12 million in an oversubscribed Series A round led by PeakSpan Capital, a New York City and Silicon Valley based investment firm focused on growth-stage B2B software companies. Las Olas Venture Capital and other existing investors participated in the round, along with new strategic investors including Branded Strategic Hospitality.
Leasecake allows tenants, brokers and landlords to manage location-related services, from lease management and lease accounting to insurance agreements and franchise operations. 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 demand for enterprise location management technology. Leasecake’s revenue increased fivefold in 2021 compared to the previous year, with customers ranging from single-site operators to businesses managing more than 1,000 locations. The company plans to use the Series A funding to more than double its headcount over the next 18 months, create new platform offerings and expand further into Europe and Latin America.
“Over the past year we experienced significant demand from businesses of all sizes leveraging our solution to become more efficient, collaborative and nimble,” said Taj Adhav, CEO and co-founder of Leasecake. “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.”
Streamlining Operations for Efficiency and Collaboration
Leasecake’s technology helps businesses - including private-equity firms, franchisors and 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. 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 - keeping tabs on lease and insurance renewals, tracking safety inspections, and managing business licenses.
“Members on our platform represent every aspect of the real estate life cycle,” said David Schrader, Chief Product Officer of Leasecake. “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.”
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.
“As the nation’s fastest growing Salon Studio franchisor, we needed a location management solution to easily deploy system-wide across our 600+ locations,” said Nathan Jensen, Chief Financial Officer of Radiance Holdings. “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.”
Specialized Retail, the retail subsidiary of Specialized Bicycle Components, uses Leasecake to manage its fast-growing network of company-operated stores. 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. “Our infrastructure is still maturing, but Leasecake gives us the processes we need to manage rapid growth,” said Peter Robson, Retail Operations Manager at Specialized Retail.
Leasecake’s Pioneering Platform
Phil Dur, Co-Founder and Managing Partner of PeakSpan Capital, said Leasecake was an excellent fit with the firm’s strategy: partnering with entrepreneurs whose businesses address a large and strategic market, with exceptional product quality, a clear and intuitive value proposition, and a commitment to resilient value creation.
“We think Leasecake is a pioneer in bringing broad-based location management excellence to tenants, landlords and brokers,” Dur said. “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.”
Leasecake is the lease and location management operating system for private-equity firms, franchisors, corporate tenants, brokers, and landlords. The intuitive SaaS platform provides fast answers, proactive awareness, and actionable intelligence for easy collaboration across all mission-critical, time-sensitive events, simplifying productivity across distributed teams. As a future-of-work platform, Leasecake’s shareability also supports service providers, adds value for their clients, and helps businesses that lease or own locations save time, minimize risk, and better manage growth.
About PeakSpan Capital
PeakSpan Capital is a growth equity firm based in New York City and San Mateo. Having partnered with over 30 high-growth software businesses and with more than $1.5 billion in assets under management, PeakSpan aims to be the partner of choice for growth-stage entrepreneurial teams building software targeted at business buyers of all sizes.
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