PropTech startup Leasecake lands $10 million in funding to accelerate growth - Tech Startups

PropTech startup Leasecake lands $10 million in funding to accelerate growth – Tech Startups

Time Stamp: April 9, 2024 1:25 PM
Source Node: 2539768

Managing multiple locations for restaurants and service-based retailers has become increasingly challenging. With the complexities involved, businesses are actively looking for ways to make lease administration more efficient.

Enter Leasecake, a Winter Park, Florida-based PropTech startup on a mission to simplify and safeguard complex real estate and location management operations for multi-unit operators.

Leasecake harnesses the power of AI to offer unparalleled peace of mind to the restaurant and retail industries. Serving as the definitive source for all lease and location information, Leasecake consolidates data into a user-friendly platform, empowering businesses with efficiency and clarity.

Today marks a significant milestone for Leasecake as it announces a $10 million Series A extension to fortify its market position and propel growth. The round was led by PeakSpan Capital and Las Olas Venture Capital, with additional backing from Silicon Valley Bank’s venture debt facility, this funding underscores Leasecake’s commitment to revolutionizing real estate and location management for franchise and corporate entities.

This fresh injection of capital will fuel Leasecake’s ongoing platform enhancements to meet the evolving needs of multi-unit operators. Moreover, it will facilitate the expansion of Leasecake’s offerings to cater to its rapidly growing customer base. With user growth doubling over the past year, Leasecake now boasts thousands of brands and tens of thousands of locations across the United States and Canada.

Commenting on the funding, Phil Dur, Co-Founder and Managing Partner of PeakSpan Capital, shared his excitement about continuing their partnership with Leasecake, stating, “We’re fully dedicated to supporting Leasecake as they revolutionize how technology can mitigate operational risks for restaurants and service-based retailers. Leasecake’s platform is simplifying intricate processes and rapidly becoming the benchmark for the industry.”

The genesis of Leasecake traces back to a serendipitous encounter in 2015 when Jim Bankston, a seasoned developer and broker, met Taj Adhav, a tech startup veteran and commercial real estate enthusiast. Bonding over shared frustrations with lease management, the duo envisioned an app to alleviate these pain points. Despite a two-year hiatus, Taj’s unwavering dedication culminated in the birth of Leasecake showcased at the prestigious Techstars Global Startup event in 2017.

“The demand for a unified platform to safeguard real estate interests and streamline location management tasks is more pressing than ever,” Leasecake founder Adhav said. “That’s the motivation behind Leasecake – to offer the most user-friendly, modern Real Estate and Location Management platform on the market.”

Today, Leasecake stands as the pinnacle of real estate and location management platforms, empowering multi-unit operators to streamline operations and mitigate risk. With intuitive features like Cakebot, Leasecake enables businesses to focus on driving profitable revenue while leaving lease management complexities in the rearview mirror.

“In today’s fast-paced business landscape, multi-unit operators encounter unprecedented challenges,” remarked Scott Williamson, CEO of Leasecake. “Our cutting-edge technology not only alleviates these concerns but also empowers clients to concentrate on expansion. We’re energized by our investors’ confidence in our vision and their unwavering support of our journey.”

Leasecake founder, Taj Adhav

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