Smart-lock Startup Latch Rides Spac Frenzy To $1.5B Valuation

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Latch, which had revenues of $18 million last year, was founded in 2013.: Smart-lock startup Latch began trading Monday through a SPAC listing that raised $453 million and values the company at over $1.5 billion. The shares, issued through a special purpose acquisition vehicle run by Tishman Speyer Properties, rose 4% on the first day of trading. “Using the Tishman Speyer portfolio as an incubator for new ideas and new products...was really just too good to pass up,” says Latch’s cofounder and CEO, Luke Schoenfelder, who made the Forbes Under 30 list in 2018.

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