Insurtech platform for real estate LeaseLock has raked in $52m in a Series B funding round to expand its lease insurance product for enterprise real estate.
The funding round was led by London-based Westerly Winds and Wildcat Venture Partners.
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Other major investors who participated in the round include SoftBank, Vertex, Liberty Mutual, American Family Ventures, Moderne Ventures, Strata Equity, Veteran Capital, and Mucker Capital.
US-based LeaseLock will use the fresh capital to expand its lease insurance offering into its first artificial intelligence (AI)-powered real estate fintech platform.
The company uses property management system and data scient to create a fintech platform for housing operators.
So far, LeaseLock has insured $1bn in leases to date.
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By GlobalDataIts 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.
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LeaseLock co-founder and CEO Derek Merrill said: “We deploy our product directly through enterprise property software systems which drives a material data and product delivery advantage.
“We are doubling-down on our core deposit replacement product, while investing in new insurance lines, payment and receivables technology, and market channels.”
LeaseLock president and co-founder Reichen Kuhl said: “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.”
SoftBank Ventures Asia partner Sherman Li said: “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.”
Westerly Winds founding partner Karim Abdel-Ghaffar Plaza said: “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.”
Recently, health insurtech Sidecar Health, also based in the US, raised $125m through its Series C funding round, bringing its valuation to $1bn.
