LeaseLock raises $52 million
Los Angeles-based insurtech platform for real estate LeaseLock announced the closing of a $52 million Series B financing round led by London-based Westerly Winds (founding partners from BlackRock) and Wildcat Venture Partners, including SoftBank Ventures Asia, Vertex Ventures US, Liberty Mutual Strategic Ventures , American Family Ventures , Moderne Ventures, Strata Equity Group, Veteran Capital, and Mucker Capital.
Founded in 2013, the company (a team of ~66), offers an insurance product that leverages artificial intelligence to eliminate security deposits to create “a faster, simpler, more affordable rental transaction.” LeaseLock has insured $1 billion in leases to-date.
“Security deposits are an inefficient financial instrument for all sides. Through technology, LeaseLock has intelligently solved this problem while setting the foundation for an end-to-end enterprise insurtech platform. We are excited to back the business as it continues to realize its vision.” – Karim Abdel-Ghaffar Plaza, Founding Partner of Westerly Winds.
“As we surveyed the market landscape, LeaseLock stood out as the only company to truly develop a new insurance technology product—leveraged by AI—to deliver a financially sound and impactful solution. We are excited to partner with and support the company in furthering its mission.” – Sherman Li, Partner of SoftBank Ventures Asia.
“We’re a technology company at heart, fueled by data, and powered by insurance. We deploy our product directly through enterprise property software systems which drives a material data and product delivery advantage. We’re doubling-down on our core deposit replacement product, while investing in new insurance lines, payment and receivables technology, and market channels.” – Derek Merrill, Co-Founder and CEO of LeaseLock.
“The market is shouting for a better solution to upfront housing costs that serves both the renter and the operator. Our technology platform completely removes friction, cost, and regulatory risk from our customers’ operating infrastructure and P&L.” – Reichen Kuhl, Co-Founder and President of LeaseLock.