KeyNest closes second funding round

KeyNest, a network of key exchange points for Airbnb hosts, serviced accommodation providers and lettings agents, has announced the closing of its second funding round.

LiFE Ventures, the prop tech investment division of LiFE Residential, and Cris Young (CFO of Smedvig Capital and interim CFO of Veeve) have joined the existing group of investors to further strengthen KeyNest's expertise in the serviced accommodation and real estate sectors.

"KeyNest has already proven its huge value-add to serviced apartment operators. We are now investing because key management and key exchanges sometimes can be challenging for estate agents - something KeyNest can finally solve. We are confident that lost keys and expensive key exchange processes will be a thing of the past thanks to KeyNest," said Jonathan Werth, managing director at LiFE Residential.

LiFE Ventures acts as a micro fund, as a seed investor and incubator to early stage start-ups, concentrating mainly on the property sector.

"We have a very experienced and strong board, which is now completed with knowledge and insights into our two main user groups: serviced apartment operators and estate agents," said Marc Figueras, KeyNest co-founder.

"Our first round of investment allowed us to further develop our product in-line with customer demand. We now have the funds to rule out our service across all major cities in the UK and, also, start helping customers abroad with their key management and key exchanges," added Florian Hoven, KeyNest co-founder.

In addition to their key exchange stores, KeyNest is now offering its key tracking technology to all companies within the property market. KeyNest launched in June 2016 with 10 partner locations in London and has expanded to more than 100 locations across the country.

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The SAS Americas 2017 was a tremendous event and gave great insight into the trends and innovation in the sector- we look forward to London and Dubai!! Well done!!

Terry Green Partner at Katten Muchin Rosenman UK LLP

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