US-based real estate insurance platform provider LeaseLock pulled in $52m on Wednesday through a series B round that included internet group SoftBank and insurance firms Liberty Mutual and American Family.
Investment firm Westerly Winds and Wildcat Venture Partners co-led the round, while the corporates participated through respective investment subsidiaries SoftBank Ventures Asia, Liberty Mutual Strategic Ventures and American Family Ventures.
The round also featured real estate investment firm Strata Equity Group and venture capital firms Moderne Ventures, Vertex Ventures US, Veteran Capital and Mucker Capital.
LeaseLock has developed a digital insurance platform that enables landlords to lease properties to tenants without the use of deposits, surety bonds, cosigners or guarantors, and claims it has insured $1bn worth of leases since it was founded in 2013.
Derek Merrill, co-founder and CEO of LeaseLock, said: “We are a technology company at heart, fuelled by data and powered by insurance. We deploy our product directly through enterprise property software systems which drives a material data and product delivery advantage.”
Merrill added that the company will invest in new insurance lines and the expansion of its payment and receivables technology and market channels. It has now raised $64m altogether.
American Family Ventures led a $1m seed round for LeaseLock in 2016 that also featured undisclosed financial technology investors.
Wildcat Venture Partners led LeaseLock’s $10m series A round in 2018, investing with American Family Ventures, Liberty Mutual Strategic Ventures, Moderne Ventures and Veteran Capital’s Hivers and Strivers fund, which provided $1m.
The company’s other existing investors include Clocktower Technology Ventures, Luma Launch, Tech Coast Angels and 500 Startups.