LeaseLock, a Los Angeles, CA-based new insurance technology product for the rental housing market, completed a $10m Series A round of financing.
The round was led by Wildcat Venture Partners with participation from Hivers & Strivers, Liberty Mutual Strategic Ventures, American Family Ventures and Moderne Ventures.
The company intends to use the funds to expand its sales and marketing efforts as well as broaden and accelerate product development.
Led by founder and Chief Executive Offer Reichen Kuhl, LeaseLock uses technology to replace security deposits with insurance. Renters pay a low monthly fee starting at $19 that insures the property for up to 6x rent and damages.
The company counts over 1,000,000 apartment homes enrolled across multifamily portfolios including Lennar Multifamily Communities (LMC), Avenue5 Residential, United Apartment Group, and Bainbridge.