LeaseLock, an InsurTech platform for real estate, has closed its Series B round on $52m to help it expand its lease insurance product offering.
Westerly Winds served as the lead investor, with capital also coming from SoftBank Ventures Asia, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, Strata Equity Group, Veteran Capital and Mucker Capital.
To-date, the InsurTech has insured $1bn in leases across the US’s multifamily operators and preeminent asset owners, it claims.
With the fresh funds, the company is looking to further its deposit replacement product development and invest into new insurance lines, payments and receivables technology.
LeaseLock offers an automated technology to replace security deposits with insurance. The policy offers $5,000 coverage for damage to property or over costs.
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. We are excited to partner with and support the company in furthering its mission.”
The InsurTech previously raised up to $10.1m in funding back in 2018.
LeaseLock formed a partnership with QBE North America to help it offer US clients rent loss and damage protection to apartment communities, as well as creating more affordable leasing for renters.
Earlier in the month, Rhino, which also offers insurance in place of security deposits, closed a funding round on $95m.
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