Total amount raised
$140.8 Million
Latest funding date
01/01/2022
Location
Rhino has successfully raised funding over 8 rounds, with the latest being a Venture - Series Unknown round. The company is backed by 15 investors, including notable names like Tiger Global Management and Lakehouse Ventures.
Rhino offers renters financial alternatives to security deposits through its licensed insurance agency. Keep reading to explore the intricacies of Rhino's fundraising journey and the investors backing this innovative platform.
What Is Rhino?
Rhino is a licensed insurance agency that provides renters with financial alternatives to traditional security deposits. The company operates within the consumer, insurance, and real estate industries and is based in New York, New York, United States.
Founded with the mission to simplify the renting process, Rhino offers security deposit insurance and cash security deposit management services. The company has a significant number of employees, ranging from 101 to 250, and has raised funds through multiple venture rounds.
How Much Funding Has Rhino Raised?
- 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 initial foundation and develop the core product.
- Seed Round
- Amount Raised: USD 1,940,000
- Date: September 2017
- Lead Investors: ff Venture Capital, Kairos HQ
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and market entry.
- Seed Round
- Amount Raised: USD 750,288
- Date: February 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the product offering.
- 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 support ongoing operations and prepare for future growth.
- Series A
- Amount Raised: USD 21,000,000
- Date: October 2019
- Lead Investors: Kairos HQ, Lakestar
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series Unknown
- Amount Raised: USD 14,000,000
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase customer acquisition.
- Private Equity
- Amount Raised: USD 95,000,000
- Date: January 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Nearly USD 500,000,000
- Motivation Behind the Round: To expand operations, advocate for renter-friendly legislation, and introduce new products.
- Series Unknown
- Amount Raised: USD 8,066,663
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational expansion.
Rhino has raised a total of USD 140,757,951. The current valuation is nearly USD 500,000,000.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a global investment firm that focuses on private and public companies in the internet, software, consumer, and financial technology sectors. The firm has a significant presence in the venture capital and private equity markets.
- Investment Focus Areas: Technology, consumer, industrial sectors
- Notable Investments: Facebook, LinkedIn, Spotify
- Kairos HQ
- Details: Kairos HQ is a venture capital firm that focuses on investing in companies that aim to solve significant global challenges, particularly in the healthcare, financial services, and real estate sectors. The firm is known for its early-stage investments and incubation of startups.
- Investment Focus Areas: Healthcare, financial services, real estate
- Notable Investments: Cera, Rhino
- Lakestar
- Details: Lakestar is a venture capital firm that invests in technology companies, particularly those in the internet and software sectors. The firm has a strong track record of backing successful startups in Europe and the United States.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Spotify, Skype, Facebook
- ff Venture Capital
- Details: ff Venture Capital is a venture capital firm that focuses on early-stage technology companies. The firm has a diverse portfolio and is known for its hands-on approach to supporting its portfolio companies.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Indiegogo, Plated, 500px
- Lakehouse Ventures
- Details: Lakehouse Ventures is a venture capital firm that focuses on early-stage investments in technology and consumer companies. The firm aims to support innovative startups with high growth potential.
- Investment Focus Areas: Technology, consumer companies
- Notable Investments: Not publicly disclosed
What's Next for Rhino?
Rhino's future is brimming with opportunities. The company plans to expand its operations and increase availability through partnerships with property owners. With a significant market of 43 million rental households in the U.S., Rhino's potential to free up $45 billion in security deposits is immense. The company is also eyeing the introduction of new insurance and lending products, which could further solidify its market position.
Given its rapid growth and substantial market opportunity, Rhino is likely to pursue an IPO as its next major fundraising step. This move could provide the necessary capital to support further expansion and product development. The insurtech sector's increasing investment and IPO activity suggest a favorable environment for Rhino's public offering.
However, challenges lie ahead. Rhino must navigate regulatory hurdles and maintain profitability while scaling operations. Competition from other insurtech companies and traditional financial products will also be a significant factor. Despite these challenges, Rhino's innovative approach and strategic partnerships position it well for continued success.
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