Lula has completed a $28 million Series A funding round to fast-track the platform’s mission to reinvent the property maintenance industry through technology and a network of vetted contractors. The funding round was led by PeakSpan Capital with participation from existing investor RET Ventures.
"This Series A funding positions Lula to continue tackling the biggest challenge in rental property management: maintenance. We're not just making incremental improvements; we're overhauling the entire process. By advancing our artificial intelligence (AI) and machine learning capabilities, we'll enable predictive maintenance, smarter resource allocation, and data-driven decision-making,” says Bo Lais, CEO and founder of Lula. “Property managers can expect reduced costs, increased property values, and happier residents. This transformation will resonate throughout the rental property industry, benefiting both multifamily and single-family sectors."
Founded in 2017, Lula provides property maintenance across 42 markets nationwide. With a vetted network of more than 6,000 pros, including skilled handymen, plumbers, electricians, and HVAC contractors, the company has become a trusted partner for property managers and owners. Last year, Lula processed over 100,000 work order requests from more than 125 property management customers.
“Maintenance continues to be the single largest pain point for many owner-operators of real estate. Lula works with many of the largest institutional operators of single-family and multifamily rental to enable better maintenance operations and outcomes through their proprietary software and vendor marketplace,” says Aaron Ru, principal at RET Ventures. “The Series A funding will allow Lula to expand its market coverage and continue to deliver industry-leading maintenance outcomes for its customers.”
The new investment will enhance the tech platform, expand its market presence, and grow the network of professionals. A large percentage of the funding will be designated to advancing AI capabilities and the development of Foresight, a cutting-edge AI-powered work order management SaaS platform. This initiative aims to empower property management companies to boost their operational efficiency and deliver an unparalleled maintenance experience. Foresight is engineered to integrate in-house maintenance teams, third-party contractors, and Lula Pros into a unified, comprehensive maintenance management system.
