Rhino, a US-based alternative property deposit service backed by property manager BPM Units, has completed a $21m series A round co-led by company builder Kairos and venture capital firm Lakestar.
Founded in 2017, Rhino has created a service that lets tenants pay deposits for property rentals through monthly deposits instead of one flat fee. The service covers both residential and commercial properties, and the series A funds will go to expanding its offering.
The startup was incubated within Kairos, and Kairos chief executive Ankur Jain is its co-founder and chairman.
Jain said: “Rhino’s proposal offers a framework by which the public and private sectors can collaborate to deliver much-needed results for home renters, one of the largest demographic groups in America.
“Business leaders and officials of all political persuasions owe it to Americans to embrace rational, quickly-attainable solutions that will make an immediate economic development impact in cities and states nationwide.”
VC firm FF Venture Capital led Rhino’s $1.9m seed round in September 2017, investing together with Lakehouse Ventures, Picus Capital, FJ Labs and Red Dog. The company added $750,000 in February 2018 and its website also lists BPM Units and Starwood Capital Group as investors.
