Lessen Valuation, Funding & Investors

Lessen is valued at $2B as of January 2023.

Last Lessen valuation

$2B

Undisclosed stage · Jan 2023

Last Lessen funding round

$500M

Undisclosed stage · Jan 2023

Cumulative funding Lessen raised

$735M

across 4 funding rounds

Key investors in Lessen

  • Navitas Capital
  • General Catalyst
  • Khosla Ventures
  • Fifth Wall
  • Varde Partners
  • Monroe Capital

Lessen Overview

About Lessen

Lessen is a technology-enabled property services provider handling renovations, turns, and maintenance for single-family and multifamily rentals across over 40 U.S. markets. The company uses automation, real-time analytics, and a network of vetted professionals led by field project managers from its headquarters.


Founded

2019

HQ

United StatesPhoenix, AZ

Website

lessen.com

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$2B (Jan 2023)

Lessen Valuation

Lessen is currently valued at $2B, based on its undisclosed-stage round in January 2023.

The $500M round included 1Sharpe Capital, Koch Ventures, Monroe Capital, Navitas Capital and Varde Partners.

Lessen's valuation has grown 2.0x from $1B at its Series B in November 2021 to $2B in January 2023, across 2 priced rounds.

Lessen valuation by funding round

Lessen valuation by funding round
DateStageValuation
Jan 2023Undisclosed stage$2B
Nov 2021Series B$1B

Lessen Funding History

Lessen has raised a total of $735M across 4 funding rounds.

Lessen's first fundraising round was a $35M Series A in June 2021. The most recent completed round was a $500M undisclosed-stage round in January 2023.

Lessen funding rounds

Lessen funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2023Undisclosed stage1Sharpe Capital; Koch Ventures; Monroe Capital; Navitas Capital; Varde Partners$500M$2BLessen Inc. is a proptech company focused on real estate services, including property maintenance and management solutions. The company operates in a competitive landscape with players like Appfolio and RealPage, leveraging technology to streamline property maintenance workflows for investors and managers. On January 12, 2023, it closed a $500 million funding round structured as series C preferred shares and non-convertible debt at a post-money valuation of $2 billion. The round included participation from new investors Monroe Capital LLC and Invitation Homes Inc. This funding came after previous rounds, positioning Lessen for growth in the real estate technology sector amid a challenging market for proptech valuations in 2023. The hybrid equity-debt structure reflects investor caution in a high-interest-rate environment.
May 2022Series BLegacy Knight (lead)$30M--
Nov 2021Series BFifth Wall (lead); General Catalyst; Khosla Ventures; Navitas Capital$170M$1BLessen is a real estate technology company focused on property maintenance and services. On November 30, 2021, it raised in its Series B round led by Fifth Wall with participation from General Catalyst, Khosla Ventures, and Navitas Capital. The company continued fundraising with a Series C in June 2022 and debt financing in December 2023.
Jun 2021Series AFifth Wall (lead); General Catalyst; Khosla Ventures; Navitas Capital$35M-Lessen is a Scottsdale-based marketplace platform that connects property owners to service professionals for real estate property services, focusing on maintenance management at scale, particularly for single-family rentals. The company announced the close of its $35 million Series A funding round on June 24, 2021, led by Fifth Wall, with participation from seed investors Khosla Ventures, General Catalyst, and Navitas Capital. This round brought Lessen's total capital raised to $44 million. Proceeds were allocated to develop new technology products, expand field operations teams, and enter new markets. Dan Wenhold from Fifth Wall joined Lessen's board of directors. Fifth Wall, the largest VC firm focused on real estate technology, highlighted Lessen's unique approach to streamlining the property services lifecycle amid pandemic-driven growth in the single-family rental market. Investors noted the lack of technology for landlords to manage portfolios effectively, positioning Lessen for massive opportunity in revolutionizing property services delivery and management. The round aligns with Fifth Wall's strategy of backing proptech innovators in a sector ripe for disruption.

Who has invested in Lessen?

9 investors have backed Lessen across its funding rounds, including Navitas Capital, General Catalyst, Khosla Ventures, Fifth Wall, Varde Partners and Monroe Capital.

Lead investors include Legacy Knight and Fifth Wall.


Lessen Investors

Investors in Lessen by funding rounds participated
InvestorHQRoundsRoleFirst check
Navitas CapitalUnited StatesLos Angeles, CA3ParticipantJun 2021
General CatalystUnited StatesSan Francisco, CA2ParticipantJun 2021
Khosla VenturesUnited StatesSan Francisco, CA2ParticipantJun 2021
Fifth WallUnited StatesLos Angeles, CA2LeadJun 2021
1Sharpe CapitalUnited StatesUnited States1ParticipantJan 2023
Koch VenturesUnited StatesDallas, TX1ParticipantJan 2023
Legacy KnightUnited StatesDallas, TX1LeadMay 2022

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Acquisitions by Lessen

Lessen has acquired 2 companies to date.

Last acquisition by Lessen was on April 18th 2023. Lessen acquired Blue Skyre IBE for undisclosed valuation.


Latest Acquisitions by Lessen

Blue Skyre IBE
SMS Assist
Description
Blue Skyre IBE is a provider of corporate real estate and facility management services across Europe. The firm handles portfolio optimization, lease administration, space planning, and maintenance for multinational occupiers. With expertise in integrated workplace strategies, Blue Skyre IBE supports clients in sectors like finance and technology from offices in Paris and other key cities.
SMS Assist is a national integrator for facilities maintenance services across over 40,000 customer sites in the United States. It manages electrical, plumbing, HVAC repairs, cleaning, landscaping, and snow removal through a network of subcontractors. Chicago-based, the company delivers transparency via a vendor management platform, achieving average cost reductions of 20 percent for multi-location retailers and restaurants like McDonald's and Walmart.
HQ CountryUnited StatesUnited States
HQ City
Chicago, IL
Chicago, IL
Deal Date18 Apr 202312 Jan 2023
Valuationundisclosed$2B
EV/Revenue
EV/EBITDA

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Lessen Competitors

Lessen competitors include listed companies like Target Hospitality and Badger Infrastructure, and private ones like Danke Apartment, JD Industry, ZigBang and Roofstock.

Public and private companies comparable to Lessen
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Danke ApartmentChinaBeijingPrivate--$2B-
JD IndustryChinaBeijingPrivate--$2B-
Target HospitalityUnited StatesUnited StatesPublicly listed$321M$36M$2B5.1x
ZigBangSouth KoreaSeoulPrivate$80M-$2B25.4x
RoofstockUnited StatesSan Francisco, CAPrivate--$1.9B-
Badger InfrastructureCanadaCanadaPublicly listed$832M$184M$2.1B2.6x

Lessen Public Comps

Lessen is still privately-owned, but its public comps include Target Hospitality, Badger Infrastructure, Grupo GPS, Poly Property Services, Wintech Nano (Suzhou) Co, Smartstop Self Storage, Intea Fastigheter, IWG, Lumo and Savills.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Target Hospitality$321M$36M6.5x5.1x58.4x22.2x
Badger Infrastructure$832M$184M2.9x2.6x13.1x10.6x
Grupo GPS$3.4B$436M0.7x0.7x5.3x6.4x
Poly Property Services$2.6B$354M0.1x0.1x0.8x0.8x
Wintech Nano (Suzhou) Co$79M$34M24.9x-58.0x-
Smartstop Self Storage$281M$129M10.6x12.0x23.2x19.0x
Intea Fastigheter$159M$140M20.6x18.1x23.4x22.2x
IWG$3.8B$487M2.6x2.5x20.1x16.9x

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Common questions about Lessen

When was Lessen founded?Lessen was founded in 2019.
Where is Lessen headquartered?Lessen is headquartered in Phoenix, AZ, United States.
Is Lessen publicly listed?No, Lessen is a private, VC-backed company.
What is Lessen's valuation?Lessen was last valued at $2B in its undisclosed-stage round in January 2023.
How much funding has Lessen raised?Lessen has raised $735M across 4 funding rounds.
What was Lessen's last funding round?Lessen's last funding round was a $500M undisclosed-stage round in January 2023.
Who are Lessen's investors?Lessen's investors include Navitas Capital, General Catalyst, Khosla Ventures, Fifth Wall, 1Sharpe Capital, Koch Ventures, Legacy Knight, Monroe Capital and Varde Partners.
Which companies are comparable to Lessen?Companies comparable to Lessen include Danke Apartment, JD Industry, Target Hospitality, ZigBang, Roofstock and Badger Infrastructure.
How many companies has Lessen acquired?Lessen has acquired 2 companies, including Blue Skyre IBE and SMS Assist.
What was the largest acquisition by Lessen?The $2B acquisition of SMS Assist in January 2023 is the largest acquisition Lessen has made to date.

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