Latch raises $70M for its apartment smart lock system

Latch announced this morning that it has raised $70 million in Series B funding.
The round was led by Brookfield Ventures, the investment arm of Brookfield Asset Management. As part of the deal, Brookfield Properties will also be installing Latchsystems in its multi-family properties that are currently under development.
“We are thrilled to support Latch, the clear market leader in a nearly $25 billion space that is expected to grow at twice the rate of traditional access over the next sev