Insurtech LeaseLock secures $10m in funding
US-based LeaseLock, a new insurance technology product for the rental housing market, announced it has completed a $10 million Series A round of financing to enable expansion.
Wildcat Venture Partners led the investment round with participation from Liberty Mutual Strategic Ventures, American Family Ventures and Moderne Ventures.
The investment brings LeaseLock’s total funding since launching its zero-security deposit solution to $12 million and will help the company "aggressively expand" its sales and marketing efforts as well as broaden and accelerate product development, according to a company statement.
LeaseLock is using technology to replace security deposits with insurance. Renters pay a monthly fee starting at $19 that insures the property for up to 6x rent and damages. Renters “save thousands of dollars” at move-in, while properties convert more leases with better protection, according to the company. LeaseLock is growing rapidly and is currently counting over 1,000,000 apartment homes enrolled.
“LeaseLock is creating a new category by applying technology to improve the way renters and properties transact – making it faster, simpler, and more cost-effective for both parties,” said founder and CEO Reichen Kuhl. “We intend to use the additional funds to fortify our category leadership position and propel LeaseLock into more communities and leasing systems across the country in an effort to eliminate security deposits everywhere and enable greater access to quality housing for everyone.”
“LeaseLock is in the trenches with multifamily executives carefully crafting a product optimized to the needs of enterprise operations, systems and the markets they serve – we appreciate this strategic advantage,” said Bryan Stolle, founding partner of Wildcat Venture Partners.
Moderne Ventures participated as a strategic investor, bringing along a network of over 700 influential real estate executives and corporations.
Founder and managing partner of Moderne Ventures, Constance Freedman, said: “LeaseLock delivers a best in class product to our real estate network with trillions of dollars in AUM [assets under management] and billions of square feet. Leaselock reduces vacancy rates and minimize losses resulting in significant value to our partners and their clients.”
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