How Much Did Rhino Raise? Funding & Key Investors

Rhino has successfully raised funds through multiple rounds, with notable investors including Tiger Global Management and Lakehouse Ventures. The company offers innovative financial alternatives to traditional security deposits, aiming to make renting easier for both tenants and landlords.

Keep reading to explore the intricacies of Rhino's fundraising journey and the investors backing this forward-thinking platform.

What Is Rhino?

Rhino, founded in 2017, is a licensed insurance agency headquartered in New York, New York. The company operates in the consumer, insurance, and real estate industries.

Founded by Ankur Jain, Benjamin Lantos, Bryan Woods, and Paraag Sarva, Rhino aims to make renting more affordable by offering insurance products that replace traditional security deposits. The company employs between 101 and 250 people.

Rhino provides renters with financial alternatives to security deposits, acting as a general agent for various insurance carriers. Their services include security deposit insurance and renters insurance, making renting easier for both tenants and landlords.

How Much Funding Has Rhino Raised?

1. Pre-Seed Round
   • Amount Raised: Not publicly disclosed
   • Date: January 2018
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish the company and develop initial product offerings.
2. Seed Round
   • Amount Raised: $1.9M
   • Date: September 2017
   • Lead Investors: ff Venture Capital, Kairos HQ
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the team and accelerate product development.
3. Seed Round
   • Amount Raised: $750.3K
   • Date: February 2018
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further develop the product and begin market testing.
4. Convertible Note
   • Amount Raised: Not publicly disclosed
   • Date: October 2018
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To secure additional working capital for scaling operations.
5. Series A
   • Amount Raised: $21M
   • Date: October 2019
   • Lead Investors: Kairos HQ, Lakestar
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand market reach and enhance product offerings.
6. Venture Round
   • Amount Raised: $14M
   • Date: August 2020
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To scale operations and increase market penetration.
7. Private Equity Round
   • Amount Raised: $95M
   • Date: January 2021
   • Lead Investors: Tiger Global Management
   • Valuation at Round: Just under $500M
   • Motivation Behind the Round: To expand operations, advocate for renter-friendly legislation, and launch new products.
8. Venture Round
   • Amount Raised: $8.1M
   • Date: January 2022
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further scale the business and enhance product offerings.

Total Amount Raised: $140.75M

Current Valuation: Just under $500M

Key Investors

• Tiger Global Management
  • Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the global Internet, software, consumer, and financial technology industries.
  • Investment Focus Areas: Internet, software, consumer, financial technology.
  • Notable Investments: Facebook, LinkedIn, Spotify.
• Kairos
  • Details: Kairos is a venture capital firm that invests in early-stage companies, particularly those that aim to solve significant societal challenges.
  • Investment Focus Areas: Early-stage companies, societal problem-solving innovations.
  • Notable Investments: Cera, Little Spoon.
• Lakestar VC
  • Details: Lakestar VC is a venture capital firm that invests in technology companies, focusing on early and growth-stage investments in Europe and the United States.
  • Investment Focus Areas: Technology companies, early and growth-stage investments.
  • Notable Investments: Spotify, Skype, Facebook.
• Lakehouse Ventures
  • Details: Lakehouse Ventures is a venture capital firm that invests in early-stage companies, focusing on technology and innovation-driven businesses.
  • Investment Focus Areas: Early-stage companies, technology, innovation-driven businesses.
  • Notable Investments: Specific notable investments are not mentioned.

What's Next for Rhino?

Rhino's future looks promising with significant opportunities on the horizon. The company plans to expand its operations, increase availability through partnerships with property owners, and advocate for renter-friendly legislation. With a current coverage of over 1 million homes and a 1,500% growth in Contracted Annual Recurring Revenue, the potential for growth is substantial.

Given the rapid expansion and the increasing demand for affordable housing solutions, Rhino is well-positioned for future fundraising opportunities. The company may pursue additional funding rounds or even a public offering to support its ambitious growth plans and new product development. The insurtech sector's continued excitement and growth further bolster these prospects.

However, Rhino may face challenges such as regulatory hurdles, competition from other insurtech companies, and the complexities of scaling operations while maintaining service quality. Navigating these challenges will be crucial for Rhino to sustain its growth trajectory and achieve long-term success.

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