Property tech platform Lessen Inc., which offers a marketplace connecting landlords with service professionals, today said it has closed on a fairly weighty $170 million funding round today.

The Series B round was led by existing investor Fifth Wall with participation from Khosla Ventures, General Catalyst and Navitas Capital and lifts Lessen’s valuation to over $1 billion, the company said. It comes just five months after the company raised $35 million in its Series A round of funding – a big sign that it’s growing fast.

It’s not difficult to understand why Lessen might be getting some traction. In an age where many people have adapted to do much of their business online, Lessen offers a very convenient service for anyone involved in property management. It offers what it says is an “end-to-end solution for property services” that includes connecting property managers to various carefully vetted service professionals that can help them to maintain and clean their buildings.

It does more than just connect people though. The platform also provides a centralized interface for project and work order management tasks, plus integrated communications and billing services. So a property manager can take care of maintaining all of their properties in a single portal.

For service professionals using Lessen’s platform they benefit from a regular source of work with a well-defined and consistent workflow, and best of all – guaranteed payment once a project has been completed. They can also use the platform to market their expertise to other property managers.

At present, Lessen says it has more than 2,000 service providers on its books across more than 30 U.S. markets.

Fifth Wall Partner Dan Wenhold said he’s backing Lessen because the company has grown exponentially and believes it has built one of the best-managed marketplace offerings in the industry.

“We are proud to increase our investment in Lessen and support the company’s continued expansion across new real estate asset categories and geographies,” he said.

Looking ahead, Lessen said it will use the cash to ramp up its expansion into new markets, support new field operations teams and fund the development of new technology products.

Image: Lessen