Tampa tech commercial real estate firm raises $12M

Leasecake, a tech firm whose cloud-based operating system aims to transform lease and location management, has raised $12 million in an oversubscribed Series A funding round led by PeakSpan Capital, an investment firm focused on growth-stage B2B software companies. Existing investor Las Olas Venture Capital participated in the round, according to a news release, along with new strategic backers, including Branded Strategic Hospitality.

Headquartered at Tampa’s Embarc Collective, Leasecake, in the release, says it will use the 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. The company’s software-as-a-service platform can streamline a variety of commercial real estate operations, ranging from lease management and accounting to insurance agreements and franchise operations.

Leasecake states that its revenue grew fivefold in 2021 as the pandemic-driven rise of remote- and hybrid-work arrangements made location management a mission-critical aspect of many businesses’ operations.

“Over the past year, we experienced significant demand from businesses of all sizes leveraging our solution to become more efficient, collaborative and nimble,” Leasecake founder and CEO Taj Adhav states in the release. “Our customers immediately saw how our platform delivers fast answers for a significant competitive advantage, especially when it comes to the most important aspects of their business. The world is speeding up, and the future of work means finding easy ways to act on what matters. For our customers across the retail, office and industrial sectors, the future is now.”

The firm’s platform can also help companies track safety inspections and manage business licenses, according to the release.

“Members on our platform represent every aspect of the real estate life cycle,” Leasecake Chief Product Officer David Schrader states in the release. “The technology lets them seamlessly collaborate and share data with real estate brokers, CPA firms, lenders, lawyers and insurance brokers — parties supporting all facets of a lease or buy/sell transaction — so they can quickly move through due diligence, assembling accurate financial statements to close loans and do deals faster.”