LeaseLock Raises $52 Million to Fuel Expansion of Insurtech Platform for Enterprise Real Estate
SoftBank Ventures Asia joins global investment group powering next stage of growth
It all started with my co-founder being rejected from an apartment in NYC nearly a decade ago.
Over the years, the solution has evolved. The midnight oil burns hard as we’ve been busy delivering a B2B insurtech product for housing operators that eliminates deposits for good.
Today, we’re excited to announce a $52 million funding round to continue expansion of our industry-leading lease insurance product into the first AI-driven financial technology platform for enterprise rental housing.
The financing signals strong confidence from investors, and will support our mission of engineering a product that serves both the renter and the operator as we experience exponential growth.
Due to tightening deposit legislation and the current economic climate, the adoption of LeaseLock Zero Deposit™ has accelerated — leading to 400% growth in apartment homes on the platform in 2020, and reaching more than 1.5 million homes. This funding will directly help us scale to meet the demand for our platform and incredible growth we’ve seen.
Our key customers include Greystar, Cushman Wakefield, Avenue5 Residential, Harbor Group, LMC, RKW Residential, Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic and Goodman Real Estate.
The market demands a better financial technology solution for housing operators and more affordable housing for renters. LeaseLock is leveraging AI to strengthen our core deposit replacement solution while also investing in new insurance lines, payment and receivables technology, and market channels.
Powered by insurance and advantaged by data, LeaseLock’s insurtech platform deploys within property management systems to completely remove friction, cost, and regulatory risk from our customers’ operating infrastructure.
The round was led by London-based Westerly Winds and Wildcat Venture Partners, with major investors including SoftBank Ventures Asia, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, Strata Equity Group, Veteran Capital and Mucker Capital.
“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,” said Sherman Li, Partner of SoftBank Ventures Asia.
We look forward to sharing more details about what we’re working on in the coming months — stay tuned!
My best,
Derek Merrill — CEO & Founder, LeaseLock
Business Wire: LeaseLock Raises $52M as Insurtech Platform for Real Estate
