Marina Del Rey-based LeaseLock, an insurance startup that eliminates the security deposit for renters in exchange for a minimum $19 monthly payment, announced a $10 million Series A funding round.
The company said the funding came from Wildcat Venture Partners, Liberty Mutual Strategic Ventures, American Family Ventures and Moderne Ventures.
“The significance of the Series A now is that we have a lot of new business on the horizon,” Co-Founder and Chief Executive Reichen Kuhl said. “It was time for us to get funding to expand our team to respond to all the interest that’s coming in for the LeaseLock program.”
LeaseLock works by getting property management companies to adopt their insurance program. In exchange, property management companies get insurance from LeaseLock against damages to their units as well as insurance against renters defaulting on their lease. Additionally, they don’t have to deal with collecting, storing and returning security deposits. Renters are able to pay monthly small payments rather than come up with one lump sum payment upfront. LeaseLock keeps all of the monthly payment. The company is currently operating in 55 national property management companies, servicing over a million units.
Technology reporter Eli Horowitz can be reached at firstname.lastname@example.org. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.