Rhino, a New York City-based real estate tech and insurtech startup that provides a security deposit solution for renters and landlords, raised $1.94m in seed funding round.
The round was led by ff Venture Capital with participation from Lakehouse Ventures, Picus Capital, FJ Labs, Red Dog, angels and real estate owners.
The company will use the funds to hire new talent, continue building its core technology, and implement a targeted marketing strategy for the New York City market.
Led by Paraag Sarva, co-founder and CEO, Rhino provides a security deposit solution that allows renters to pay a small monthly fee instead of a large security deposit while landlords receive double the protection for the same items typically covered by security deposits. Pricing is personalized for each renter and starts as low as $19/month for a $2,500/month apartment. In turn, Rhino commits to insure the landlord and only seeks reimbursement from the renter after a review of the issue from both sides.
The company will initially focus on the New York City real estate market, where average rents have reached over $4,000/month in Manhattan.
Rhino is partnering with Canopius US Insurance who will underwrite its product.