Leonardo247 Reports Strong 2020 Growth, Looks to 2021 for Continued Momentum
LOS ANGELES–(BUSINESS WIRE)–Leonardo247, the leader in remote monitoring of onsite multifamily operations, reports successful company growth in 2020 due to the increased demand for remote management capabilities. Since launching in 2014, Leonardo247 has become one of the most innovative tech companies in multifamily real estate operations, growing organically on average over 100% year over year. Leonardo247 provides a systematic approach to managing and optimizing best practices around risk mitigation, preventative maintenance, and overall property operations, including local and state code compliance.
“Spurred on by COVID-19, 2020 was a unique year that ushered in demand for further adoption of solutions to remotely manage properties and implement operating efficiencies for multi-housing businesses,” said Daniel Cunningham, Founder and CEO of Leonardo247. “In the past year, Leonardo247 helped transform property management operations to give them unprecedented visibility around how properties were being managed and maintained.”
Leonardo247 notable achievements in 2020 included:
- Customer Growth – Last year, Leonardo247 saw an estimated 40% increase in revenue and exceeded 4,000 properties and 1 million units installed on the platform.
- New Funding – Leonardo247 received a $9.5 million funding round led by Level Equity, a growth equity firm based in New York and San Francisco. The investment will fuel the company’s continued growth in 2021 while enabling the company to expand into other commercial real estate markets.
- Expanded Features – Leonardo247 rolled out the most sophisticated acquisition due diligence inspection software in the multifamily industry, launched a universal communications platform for employees, residents and vendors, and also integrated its work order and move-out functionality with the major property management systems. With these additions, Leonardo247 represents the most complete operations and maintenance platform servicing multifamily operators.
- Patent Ownership – Leonardo247 was successfully awarded U.S. Patent (No. 10,867,135), which gives it the rights to a machine learning (ML) algorithm process that reduces the time necessary to achieve accurate ML output. Leonardo247 uses this artificial intelligence (AI) to translate municipal codes into actionable maintenance compliance tasks to ensure adherence to applicable laws.
- Social Good – Leonardo247 donated its software platform to support Caritas Communities, an independent, non-sectarian, non-profit housing provider, with its innovative solution to improve onsite operations. This investment in software and services helps bridge the gap between housing and homelessness for over 1,000 residents annually.
- Expanded Leadership – Leonardo247 added two senior executives to the company, bringing on Bob Bradley to fill the role of SVP of Sales and Ryan Boverman to join as the company’s new CTO. Also, with more than 20 years of proptech experience, Chief Operating Officer Suellen McFarling joined Leonardo247’s Board of Directors, becoming the first woman to serve on the company’s board and one of the few women in proptech to hold such a position.
“In 2021, we expect to see a continued demand for better digital communication and remote management capabilities within the multifamily real estate industry as social distancing remains a persistent community need,” continued Cunningham. “Indeed, we may have seen a new awareness and acceptance of the role technology is playing in enabling more efficient property operations through automation and reduced reliance on in-person managerial oversight. We look to carry Leonardo247’s momentum into 2021 as a must-have operating platform that offers the critical functionality and services that allow us to act as a true partner for our customers.”
Leonardo247 is the first of its kind remote performance management software that streamlines operations for real estate managers by delivering daily guidance to onsite operations teams and offers management executives real-time visibility into activities at their properties. Leonardo247 mitigates operational risk and improves consistency, transparency, and accountability across an entire organization. For more information, visit www.leonardo247.com.