Total amount raised
$63.5 Million
Latest funding date
03/01/2022
Location
LeaseLock has successfully raised funds over nine rounds, with the latest being a Venture - Series Unknown round. The company is backed by a total of 28 investors, including notable names like Sudeep Ramnani and Jai Mahtani.
Keep reading to explore the intricacies of LeaseLock's fundraising journey and the investors backing this innovative platform.
What Is LeaseLock?
LeaseLock is an insurance technology company based in Dallas, Texas, specializing in eliminating security deposits through its innovative Zero Deposit™ lease insurance. The company operates in various industries, including Artificial Intelligence (AI), FinTech, InsurTech, PropTech, and Real Estate.
With a workforce of 51-100 employees, LeaseLock leverages artificial intelligence to streamline rental processes and enhance financial outcomes for property owners. The company has successfully raised funds over nine rounds, supported by 28 investors.
How Much Funding Has LeaseLock Raised?
- Seed Round
- Amount Raised: USD 1,500,000
- Date: December 2016
- Lead Investors: American Family Insurance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and enter the market.
- Series A Round
- Amount Raised: USD 10,000,000
- Date: April 2018
- Lead Investors: Wildcat Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To ramp up marketing efforts and broaden the customer base.
- Series A Round
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and enhance product offerings.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and product development.
- Series B Round
- Amount Raised: USD 52,000,000
- Date: February 2021
- Lead Investors: Westerly Winds, Wildcat Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the business, develop new products, and enhance the technology platform.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and product development.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: April 2022
- Lead Investors: RWT Horizons
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and product development.
Total Amount Raised: USD 63,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Westerly Winds
- Details: Westerly Winds is a London-based investment firm that led LeaseLock's Series B funding round. The firm focuses on innovative financial technology solutions.
- Investment Focus Areas: Financial technology, innovative solutions.
- Notable Investments: Not publicly disclosed.
- Wildcat Venture Partners
- Details: Wildcat Venture Partners is a venture capital firm that co-led LeaseLock's Series B funding round. The firm specializes in early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies, digital health, enterprise software.
- Notable Investments: Moogsoft, Velo3D, Clover Health.
- SoftBank Ventures Asia
- Details: SoftBank Ventures Asia is a venture capital arm of SoftBank Group, focusing on technology startups. They participated in LeaseLock's Series B funding round.
- Investment Focus Areas: Technology startups, AI, IoT, robotics.
- Notable Investments: Tokopedia, Grab, Hyperconnect.
- American Family Ventures
- Details: American Family Ventures is the venture capital arm of American Family Insurance, focusing on insurance innovation. They were a key investor in LeaseLock's seed round.
- Investment Focus Areas: Insurance innovation, data/analytics, IoT.
- Notable Investments: Clearcover, Ring, CoverHound.
- Mucker Capital
- Details: Mucker Capital is a venture capital firm that invests in early-stage technology companies. They participated in LeaseLock's Series B funding round.
- Investment Focus Areas: Early-stage technology companies, internet software, services.
- Notable Investments: Honey, ServiceTitan, Next Trucking.
What's Next for LeaseLock?
LeaseLock stands at the cusp of significant growth opportunities, driven by its innovative lease insurance platform. With a 400% increase in apartment homes on its platform in 2020, the company now covers over 1.5 million homes and has insured $1 billion in leases. This expansion is set to continue as LeaseLock leverages AI to optimize insurance coverage and automate claims processes, making rental transactions faster and more affordable.
Future fundraising opportunities appear promising, with the potential for additional Series C or later-stage funding rounds. The company's strong investor confidence and substantial market demand suggest that further investments will support the development of new insurance lines and payment technologies. However, LeaseLock may face challenges such as regulatory compliance, competition from other insurtech companies, and ensuring the scalability of its platform.
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