Leasecake Announces $10 Million Series A Extension to Reinforce Market Leadership and Accelerate Growth

Originally published here in Newswire

WINTER PARK, Fla., April 9, 2024 (Newswire.com) -Leasecake, a pioneer in lease and location management solutions tailored for multi-unit operators, today announced the closure of a $10 million Series A extension round. This significant infusion of capital, led by PeakSpan Capital and Las Olas Venture Capital with additional support from a venture debt facility provided by Silicon Valley Bank, a division of First Citizens Bank, is a testament to Leasecake's unwavering dedication to simplifying and safeguarding the complex real estate and location management operations for franchise and corporate entities.

In an era where the operational landscape for multi-unit restaurants and service-based retailers is fraught with complexity and heightened risk, Leasecake's innovative AI-driven platform offers much-needed peace of mind. "In today's fast-paced business environment, multi-unit operators face unprecedented challenges. The last thing they need is the stress of overlooked lease and contractual obligations, which could have dire consequences," said Scott Williamson, CEO of Leasecake. "Our cutting-edge technology not only alleviates these concerns but also empowers our clients to concentrate on expansion. We're invigorated by our investors' confidence in our vision and their continued support of our journey."

This new round of funding will enable further refinements to Leasecake's platform, ensuring it meets the evolving demands of multi-unit operators. Additionally, it will support the expansion of the company's offerings to accommodate its growing customer base. Over the last year, Leasecake has seen remarkable user growth, doubling the number of platform users, which now spans thousands of brands and tens of thousands of locations throughout the United States and Canada.

Phil Dur, Co-Founder and Managing Partner of PeakSpan Capital, expressed enthusiasm about continuing their support for Leasecake, saying, "We're committed to backing Leasecake as they redefine the use of technology in minimizing operational risks for restaurants and service-based retailers. Leasecake's platform, which simplifies complex operations, is swiftly setting a new standard for the industry."

Leasecake's comprehensive suite of features significantly reduces the risk of common pitfalls such as missing lease renewals, failing lease accounting audits, negotiating unfavorable leases, overpayments in Common Area Maintenance (CAM) charges, delayed store openings, and more.

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

Nate Vasel, Partner at Las Olas Venture Capital, also conveyed his excitement for further supporting Leasecake, stating, “We are happy to continue supporting Leasecake. With its innovative platform focused on delivering value for franchisees and franchisors, Leasecake is rapidly becoming the industry standard lease management solution.”

The combination of Leasecake's intuitive interface, competitive pricing, and comprehensive functionality has garnered widespread acclaim, earning numerous awards including the Overall Lease Management Company of the Year at the 2023 PropTech Breakthrough Awards and #1 rankings in over 31 categories on G2 for Lease Management and Lease Accounting. For more details, please visit www.leasecake.com.