Orlando, Florida – (work wireLeasecake, a cloud-based operating system for rental and location management, announced today that it has raised $12 million in an oversubscribed Series A round led by PeakSpan Capital, a Silicon Valley and New York City-based investment firm focused on growth-stage companies. B2B software. The round featured Las Olas Venture Capital and other existing investors, along with new strategic investors including strategic branded hospitality.
Leasecake allows tenants, brokers, and landlords to manage location-related services, from rental management and rent accounting to insurance agreements and franchise operations. The Leasecake platform provides centralized access to rental 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 the demand for enterprise site management technology. Leasecake’s revenue increased fivefold in 2021 compared to the previous year, with customers ranging from single site operators to companies operating more than 1,000 sites. The company plans to use 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’ve seen huge demand from companies of all sizes that have leveraged our solution to become more efficient, collaborative and smart,” said Taj Adhav, CEO and co-founder of Leasecake. “Our customers immediately saw how our platform provides quick answers to a significant competitive advantage, especially when it comes to the most important aspects of their business. The world is accelerating, and the future of work means finding easy ways to work on the things that matter. For our customers across the retail, office and industrial sectors – the future is now.”
Simplify processes for efficiency and collaboration
Leasecake’s technology helps businesses – including private equity firms, franchisors, corporate renters, brokers, and landlords – streamline operations, comply with new lease accounting standards, track critical and time-sensitive contracts, and collaborate more efficiently with service providers. The challenge with siled legacy systems is that they are not intuitive and often cannot adapt to a mobile workforce. But with Leasecake, companies of all sizes remain on top of their site portfolios — keeping tabs on lease and insurance renewals, keeping track of safety inspections, and managing trade licenses.
““Members on our platform represent every aspect of the real estate lifecycle,” said David Schrader, Leasecake’s chief product officer. “The technology allows them to seamlessly collaborate and share data with real estate brokers, CPAs, lenders, attorneys, and insurance brokers — the parties that support all aspects of a lease or purchase/sale — so they can move quickly through due diligence, compile accurate financial data to close loans and make deals faster. ”
Radiance Holdings, which owns beauty and wellness franchises Sola Salon Studios and The Woodhouse Day Spa, offers Leasecake as a feature to help franchisees and local salons run real estate operations.
““As the fastest growing Salon Studio franchise in the country, we needed a site management solution to easily deploy system-wide across more than 600 sites,” said Nathan Jensen, Chief Financial Officer, Radiance Holdings. “To maintain our industry leadership, we want to be ahead of the digitization curve for our back office. Using Leasecake paid off: The platform is a powerful solution to help us expand our presence and scale nationally with quick answers to mission-critical property and location details – all in a collaborative and intuitive platform that supports our franchisees.”
Specialized Retail, a retail subsidiary of Specialized Bicycle Components, uses Leasecake to manage its rapidly growing network of company-operated stores. The program helps the Small Specialized Retail team keep pace with expansion – the network now includes 60 locations – as they are on board with dozens of new locations. “Our infrastructure is still maturing, but Leasecake gives us the processes we need to manage rapid growth,” said Peter Robson, Director of Retail Operations at Specialized Retail.
Leading Leasecake platform
Phil Doer, co-founder and managing partner of PeakSpan Capital, said Leasecake was a perfect fit for the company’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 believe Leasecake is a leader in achieving broad-based excellence in site management for tenants, landlords and brokers,” Dor said. “The solution really shines when it comes to helping these component 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 energized by the opportunity to partner with the Leasecake team to build on their extraordinary progress to date and build the ultimate positioning management leader in the marketplace.”
About Leasecake
Leasecake is a rental and site management operating system for private equity firms, franchisees, corporate tenants, brokers, and landlords. The intuitive SaaS platform delivers fast answers, proactive awareness, and actionable intelligence for easy collaboration across all time- and mission-critical events, simplifying productivity across distributed teams. As a future-to-business platform, Leasecake also supports service providers, adds value to its customers, and helps companies that rent or own sites save time, reduce risk, and better manage growth.
About PeakSpan Capital
PeakSpan Capital is a growth equity firm headquartered in New York City and San Mateo. Having partnered with more than 30 high-growth software companies with more than $1.5 billion in assets under management, PeakSpan aims to be the partner of choice for growth-stage entrepreneurial teams to build programs targeting business buyers of all sizes. To learn more about PeakSpan Capital and its portfolio, please visit: www.peakspancapital.com.
