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Startup Tops $1 Billion Valuation Finding Labor for Rental Housing

Lessen raised $170 million to help connect property investors and building contractors.

Photographer: George Frey/Bloomberg

Lessen, a technology company that connects property owners with building contractors, is raising $170 million to keep up with demand from institutional investors pouring into rental housing.

The fundraising round, led by Fifth Wall, values the startup at more than $1 billion, giving it unicorn status. The company will use the capital to expand its services and move into new markets as it helps landlords renovate and maintain properties, according to Chief Executive Officer Jay McKee.