The Covid pandemic almost sunk the $10 million round, but Lane was able to close the deal in March with a solid business and over 300 million square feet of commercial space using its product.
A platform akin to an operating system for offices closed on a $10 million funding round as the coronavirus pandemic began shutting down workplaces.
The company, Lane, launched in 2014. Its clients include Brookfield Property Partners, Colliers International and Convene. Headquartered in Toronto, the proptech firm has offices in New York City and Denver and over 300 million square feet of property in North America using its software.
Lane’s platform digitizes property management functions such as managing event bookings and amenities spaces, maintenance requests, tenant communication, and building access. It also facilitates food and retail orders and delivery.
The firm’s Series A round closed in late March, just as Covid-19 infections began to overwhelm hospitals and states including New York ordered workers at non-essential businesses to stay home.
Lane’s CEO Clinton Robinson admitted he was “incredibly concerned” the funding wouldn’t close.
In the face of the pandemic, the round’s lead investor, venture fund Round13 Capital, surveyed Lane’s users — commercial landlords and corporate tenants — to see how they were using the platform as the crisis worsened. Apparently satisfied by the responses, Round13 went through with the investment. Lane’s prior investors, Alate Partners and Panache Ventures, also joined the round.
Robinson falls into the camp that believes most people working from home are “anxious to get back into the office,” even as major tech companies including Facebook and Twitter made plans to allow remote work permanently. But Robinson maintains that Lane’s services are even more critical now.
He said Lane is working with all of its clients on implementing reopening plans and gave an example of an office trying to ensure only 10 percent of its dozens of tenants show up to work any given day, or making contactless egress.
“We can facilitate that,” he said. “It’s not just about Covid. It’s about how do you respond to a rapidly changing world.”
Lane previously raised $2.5 million in seed funding. The new $10 million will go toward new hires — Lane plans to double its 43-person headcount by the end of the year — and global expansion.
Robinson hopes Lane will launch in Australia, Brasil, Germany, the U.K and the United Arab Emirates by the end of the year, though he acknowledged that his overseas plans may hit a snag or two.
“You never know with Covid,” he said. “You never know anymore.”
Write to Erin Hudson at email@example.com
Photo credit: Lane co-founders Clinton Robinson and Kofi Gyekye (iStock)