LeaseLock builds an AI-powered lease insurance product (LeaseLock Zero Deposit™) that eliminates security deposits and deploys directly within native online leasing checkouts. It integrates with property management system integrations and data science to underwrite and deliver coverage, which the company says drives conversion lift and instant coverage on every lease. LeaseLock has insured over $1 billion in leases to date and reported 400% growth in apartment homes on the platform in 2020, reaching more than 1.5 million homes. 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. Clients are measuring six-figure NOI lift per asset, which LeaseLock says results in millions in portfolio asset value increases. Management says it will double down on its core deposit replacement product while investing in new insurance lines, payment and receivables technology, and market channels as it expands into an AI-powered financial technology platform for enterprise real estate. LeaseLock is a Los Angeles, CA–based insurance technology product for the rental housing market that replaces security deposits with insurance. Renters pay a low monthly fee starting at $19 that insures the property for up to six times rent and damages. The company has enrolled over 1,000,000 apartment homes across multifamily portfolios, including Lennar Multifamily Communities (LMC), Avenue5 Residential, United Apartment Group, and Bainbridge. Led by founder and CEO Reichen Kuhl, LeaseLock completed a $10M Series A to support growth. The company intends to use the funds to expand sales and marketing efforts and to broaden and accelerate product development. The product targets multifamily operators by offering an alternative to traditional security deposits. LeaseLock offers a technology-powered insurance product for the residential rental market that replaces traditional security deposits by issuing an insurance policy that protects properties for all rent payments. Its underwriting uses a predictive risk algorithm so approved applicants can pay a LeaseLock fee that is translated into an insurance policy. The product is positioned to help renters with poor credit secure leases without cosigners or high deposits while also improving credit scores. Property managers benefit from higher lease conversion, reduced default losses, and improved cash flows, which can increase property values. Since launching earlier in the year, LeaseLock has enrolled property managers representing over 500,000 units with properties launched across 14 states and is approved to offer its rent-payment insurance in 49 other states. The program is backed by insurance rated A- by A.M. Best and supported by a $4 billion multiline reinsurer.

Total raised

$63M

Funding rounds

3

Latest round

Series B

Latest activity

Feb 2021