LOS ANGELES--(BUSINESS WIRE)--Leonardo247, the leader in remote monitoring of onsite multifamily operations, today announced a $9.5 million funding round led by Level Equity, a growth equity firm based in New York and San Francisco. The investment will support the company’s ongoing growth with the increased demand for remote property management while enabling the company to expand into other commercial real estate markets seeking greater consistency and accountability in property operations without site audits from senior management.
Since launching in 2014, Leonardo247 has experienced tremendous adoption, having since grown organically over 100% year over year, and is on pace to exceed 4,000 properties installed on the platform by the end of 2020. The Leonardo247 SaaS solution automates maintenance schedules, inspections, work orders, communication, policies, procedures and best practices in apartment operations from any digital device. Operators use Leonardo to remotely manage the day-to-day activities onsite and get real-time visibility into what work is occurring and when it's completed.
"Ninety-five percent of our customers use Leonardo247 for 100 percent of their properties, which is a strong statement about the value of the platform," said Daniel Cunningham, Founder and CEO of Leonardo247. "With Level Equity's investment, we can accelerate our expansion and showcase the benefits of Leonardo247 for multifamily management, as today's business executives look for ways to streamline and improve their remote management capabilities."
“The real estate industry is undergoing a large wave of technological innovation and adoption ,” said Charles Chen, Partner at Level Equity, who will be joining Leonardo247's board of directors as part of the investment. “The multifamily sector is a great example of this trend especially at a time when owner/operators and managers need new management tools to adapt to the new normal, automate onsite operations remotely and implement risk mitigation practices. Leonardo247 uniquely understands these needs and has more than 3,500 properties throughout the U.S. being monitored on their platform daily. We’ve been impressed with the exceptional, capital-efficient growth that Daniel and his team have achieved, and are thrilled to partner with them going forward.”
Leonardo247 is the first of its kind remote performance management software that streamlines operations for real estate managers by delivering daily guidance to onsite operations teams and offers management executives real-time visibility into activities at their properties. Leonardo247 mitigates operational risk and improves consistency, transparency and accountability across an entire organization. For more information, visit www.leonardo247.com.
About Level Equity
Based in New York and San Francisco, Level Equity is a growth equity firm focused on providing capital to rapidly growing software and internet companies. The firm manages over $1.7 billion across a series of long-term committed investment partnerships. For more information about Level Equity, visit www.levelequity.com.