LeaseLock secures $52mn in funding to deliver InsurTech platform for enterprise real estate

By Pavithra R

LeaseLock, a leading insurtech platform for real estate has announced raising $52 mn Series B financing to expand its lease insurance product into the first AI-powered financial technology platform for enterprise real estate.

To date, LeaseLock has insured $1 bn in leases across the nation’s multifamily operators and preeminent asset owners. The investment round was led by London-based Westerly Winds and Wildcat Venture Partners, with participation from major investors that include SoftBank Ventures Asia, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, Strata Equity Group, Veteran Capital, and Mucker Capital.

“Security deposits are an inefficient financial instrument for all sides. Through technology, LeaseLock has intelligently solved this problem while setting the foundation for an end-to-end enterprise insurtech platform. We are excited to back the business as it continues to realize its vision,” said Karim Abdel-Ghaffar Plaza, Founding Partner of Westerly Winds.

LeaseLock leverages property management system integrations and data science to engineer a modern financial technology platform for housing operators. Key customers include Greystar, Cushman Wakefield, Avenue5 Residential, Harbor Group, LMC, RKW Residential, Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.

“We’re a technology company at heart, fueled by data, and powered by insurance. We deploy our product directly through enterprise property software systems which drives material data and product delivery advantage. We’re doubling-down on our core deposit replacement product, while investing in new insurance lines, payment and receivables technology, and market channels,” said Derek Merrill, Co-Founder and CEO of LeaseLock.

Founded in 2016, LeaseLock is powered by insurance technology and eliminated security deposits from enterprise operating infrastructure. Its flagship lease insurance product leverages AI to eliminate security deposits from enterprise operating infrastructure powering a faster, simpler, more affordable rental transaction.