LeaseLock raises up to $10.1m in new funding round

LeaseLock, which allows renters to access monthly insurance cover, has raised up to $10.1m in a round of funding.

The company has raised this capital from 29 unnamed investors, according to a new US Securities and Exchange Commission filing.

This $10.1m round of funding included a $1.9m value of cancelled promissory notes. It is unclear whether this figure is a hard cap, but the company has reached its target which was indicated on the filing.

California-headquartered LeaseLock replaces security deposits with insurance. Instead of a tenant having to make a deposit, they simply pay a monthly fee, starting at $19, and this will insure the property for up to six-times rent and damages.

Its service is available across the US and is currently being used to protect over one million apartments.

Last year, the company raised a $10m Series A round which was backed by funds including Wildcat Venture Partners, Liberty Mutual Strategic Ventures, American Family Ventures and Moderne Ventures.

Through the previous capital injection, LeaseLock focused on expanding its sales and marketing efforts and boosting product development.

Prior to that, the firm closed a $1m seed round which was led by American Family Ventures.

Earlier this year, LeaseLock was named in the InsurTech 100 which is a list compiled by FinTech Global of all the innovative companies that every leader in the insurance industry needs to know about in 2019.

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