Latch, a maker of the full-building enterprise software-as-a-service platform, went public via merger with TS Innovation Acquisitions, a SPAC established by real estate manager Tishman Speyer, in a $1.6bn deal. Upon completion of the transaction Latch will have up to $510m in cash, including $190m in pipe investments anchored by funds and accounts managed by BlackRock, D1 Capital Partners, Durable Capital Partners, Fidelity Management & Research Company, Chamath Palihapitiya, The Spruce House Partnership, Wellington Management, Arrowmark Partners, Avenir and Lux Capital. Latch existing shareholders will own 64% of the combined entity. "This transaction provides the capital for Latch to accelerate our product and market expansion and drive bookings growth. Furthermore, Latch will be able to harness Tishman Speyer's global real estate platform to more rapidly create new products, leveraging their vertically integrated real estate business and on-the-ground teams across the globe," Luke Schoenfelder, Latch CEO and Co-Founder. On June 3, 2021, TS Innovation Acquisition stockholders approve business combination with Latch.