Latch is a smart-access startup that announced a merger deal with a Tishman Speyer-sponsored special purpose acquisition company in 2021, at a valuation of $1.5 billion.
Latch was founded by CEO Luke Schoenfelder, CTO Brian Jones, CDO Thomas Meyerhoffer, and CPE Dhruva Rajendra, in 2014 in Washington, D.C.
It counts institutional real estate companies like Tishman Speyer and Brookfield Properties as both clients and investors, and was installed or booked to be installed in 304,000 homes at the end of 2020. That was double the amount in 2019, and the company intends to grow to 550,000 booked units by the end of 2021.
In January 2021, they announced a merger with TS Innovation Corp., a $300 million SPAC, which would take the public once completed. They had last raised $126 million in 2019 that valued the company at $400 million.