With a $52M Raise, LeaseLock Wants to Take the Rent Deposit Hassle Out of Leasing

Breanna De Vera

Breanna de Vera is dot.LA's editorial intern. She is currently a senior at the University of Southern California, studying journalism and English literature. She previously reported for the campus publications The Daily Trojan and Annenberg Media.

With a $52M Raise, LeaseLock Wants to Take the Rent Deposit Hassle Out of Leasing

LeaseLock has made rent deposit-free to renters of hundreds of thousands of apartments owned by companies like Greystar and Cushman Wakefield. It is now also eyeing single family portfolios.

The lease insurance platform closed a $52 million Series B round, and will use the funding to continue supporting the 1.5 million homes it insures, while looking to expand its insurance types to include individual owners.


"We're not playing this as just a deposit game," said chief executive and co-founder Derek Merrill. "[There is] a real need for an insurer tech platform for not just rental housing, but also for [single family housing]."

LeaseLock was founded in 2013 by Merrill and president Reichen Kuhl, who connected through Mucker Capital's accelerator program.

Derek Merrill and Reichen Kuhl are the co-founders of LeaseLock.

Kuhl had been struggling with the rental process in New York, and the pair realized that eliminating deposits could make the payment process smoother for renters that wouldn't otherwise meet the criteria. The company launched in 2016, after they put together an insurance product that would scale for future growth.

"There are almost 50 million apartment homes in the United States," said Merrill. "About a third of those are enterprise and another two thirds are kind-of independent owners. And if you look across all of those, you could ask who would want [to deal with a] deposit in any one of those? And the answer is nobody. So the market is gigantic. And I think we're just scratching the surface."

The Marina Del Rey company eliminates deposit payments for renters by giving them the ability to pay a small monthly fee in addition to their rent. This payment is integrated in enterprise software systems, so that there is no additional paperwork renters have to complete. If any accidental damage to the property occurs, renters are protected through LeaseLock's insurance.

It operates in all 50 states, and has insured $1 billion in leases to date. Over the course of 2020, the number of homes on the platform grew fivefold, to 1.5 million.

There are a few other companies in the deposit replacement market, like Jetty and Rhino, but those are consumer facing and don't integrate into the software landlords used to collect rent.

"When we started pursuing this kind of integrated approach, it really started to set us apart," Merrill said. "Operators just want to get out of the deposit completely. And the only way to do that is to rip it out of your actual software workflows."

The round was led by London-based Westerly Winds and Wildcat Venture Partners. Its other investors include SoftBank Ventures Asia, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, Strata Equity Group, Veteran Capital and Mucker Capital.

LA Tech Week 2024: Saturday-Sunday Event Lineup
tech-week

Here’s what’s happening during the closing weekend (Oct 19 - Oct 20) of LA Tech Week 2024! Events are organized by location so you can easily catch the sessions that interest you most.

SATURDAY EVENTS

BEVERLY HILLS

12:00 PM

  • BIG Showcase (Invite Only):

BIG Showcase (Invite Only)

2:00 PM

Light Dao

Struck Capital, Seahorse Express

EAGLE ROCK

12:00 PM

Sunrise Integration, Shopify

EL SEGUNDO

9:00 PM

Administratum, Valar Atomics

HOLLYWOOD

10:00 AM

Passes

MALIBU

6:00 PM

  • Malibu Beachfront Investors Networking & Wine Tasting:See Details

Gaya Ventures

MARINA DEL RAY

6:00 PM

  • Awaken Your Spirit: A Journey of Transformation (Invite Only)

Sagos Distro, Alma Wellness

SANTA MONICA

7:00 AM

Founders Running Club

8:30 AM

Techstars

9:00 AM

Magic Mind

StartupStarter, Inc., City of Santa Monica

10:00 AM

Gen She

AI LA

Crea, Barry's, Unsubscribe

10:30 AM

Plantologist

11:30 AM

  • Pickleball Palooza (Invite Only)

YouTube

1:00 PM

  • Realfren Games: From strangers to an inner Realfren within 52 weekends: See Details

Office for Humanity and Circuit Works

  • Talking blockchain technology with special guests: See Details

LadyDayDao

5:00 PM

KARD, What's Plots

THE VALLEY

7:00 AM

Camino5

VENICE

9:00 AM

Westside Yogis

11:00 AM

Open App

1:00 PM

Ripe and Teddy's Hot House

4:00 PM

  • Fashion Forward: How AI is Redefining the Fashion Industry: See Details

VIAVIA, BNTO.RENT, ALMA.AI

VIRTUAL

11:00 AM

BLCK UNICRN

WEST HOLLYWOOD

7:00 PM

Next Sequence

SUNDAY EVENTS

INGLEWOOD

12:00 PM

Entrepreneur Ventures, VCPE GROUPS

PLAYA DEL RAY

2:00 PM

AI LA, DELL, NVIDIA

SANTA MONICA

10:00 AM

  • Women Founders, Cold Brew & Beach View, Rooftop: See Details

Clutch Talent

11:00 AM

11DollarSunglasses.com, Less Litter Foundation

12:00 PM

Data in LA, Amplitude

12:30 AM

New Moon, Warner UK Innovations

TOPANGA CANYON

3:00 PM

Dreamore

VENICE

8:00 AM

  • Surf session with founders, investors, creators: See Details

Surfed Club, Bow Shock

12:00 PM

  • Podcast Panel and Brunch: LA Tech Community Builders: See Details

WeAreLATech.com, Blankspaces.com

VIRTUAL

2:00 PM

BLCK UNICRN


For updates or more event information, visit the official Tech Week calendar.

Enjoy LA Tech Week 2024!


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LA Tech Week 2024: Friday’s Event Lineup
tech-week

Check out Friday, October 18th's schedule for LA Tech Week 2024! Events are sorted by location so you can easily find what matches your goals for the day.

BEVERLY HILLS

8:00 AM

Scrappy

BRENTWOOD

7:30 AM

Seaside Ventures

CULVER CITY

9:00 AM

Intersections LA

1:30 PM

  • Showcasing Bioscience Innovation in LA County (Invite Only)

BioscienceLA, County o LA, Larta Institute, LAEDC

5:00 PM

Grid110

6:00 PM

ACT House, Sip & Sonder

EL SEGUNDO

7:00 PM

Dirac, Inc.

INGLEWOOD

10:00 AM

Zoo Corporation, Embedded Ventures

12:00 PM

  • Tech & The Built Environment Series: LA28 Roundtable & SoFi Stadium Tour: See Details Here

Blended Impact

MARINA DEL REY

9:00 AM

USC ISI

PACIFIC PALISADES

4:00 PM

Silicon Valley Bank, Emmeline Ventures

PLAYA DEL REY

8:00 AM

AI LA

5:30 PM

AI LA

PLAYA VISTA

12:00 PM

  • Women In Gaming Lunch at Google (Invite Only)

Google

4:00 PM

Verizon, Infinity Festival

SANTA MONICA

11:00 AM

SVRN Ventures

Headline, Slow Ventures, Karat

2:00 PM

Glyf

Botanical, Panoptic

The American South Asian Network (ASAN)

4:00 PM

  • Pizza, Wine, & Connectivity: Celebrating the Nomadic App Revolution:See Details Here

Synadia

The American South Asian Network (ASAN)

Dory Consulting

  • Women in Tech: Beachfront Rooftop at Sunset - Wine-up & Unwind: See Details Here

Clutch Talent

Cohere Commerce

5:00 PM

Clutch Talent

Pirros

6:00 PM

  • Unlocking Capital with Angels & Advisors | No Pressure Networking + Panel:See Details Here

No Pressure Networking

Tech Pitch Roast Comedy LLC

6:15 PM

  • Navigating Intersections: Empowering Leaders in Challenging Times: See Details Here

Intersectional Ventures

7:00 PM

Mantis VC, Lightspeed Venture Partners

Medusa Ai, Marco Di Luca Event Design

SOUTH LA

9:00 AM

USC Lloyd Greif Center for Entrepreneurial Studies, Cap Table Coalition, PledgeLA, Sisters with Ventures

UCLA

1:30 PM

CrownData.AI

2:00 PM

Taisu Ventures, Quotient Ventures

VENICE

7:30 AM

Run Tech Club

9:00 AM

Google

12:00 PM

Ripe and Teddy's Hot House

5:30 PM

Spire Circles

7:00 PM

Moss Venice, Yuzulabs, JPMorgan Chase

8:00 PM

Truffle

VIRTUAL

2:00 PM

BLCK UNICRN

WEST HOLLYWOOD

7:30 PM

Legendary Ventures, Day Dream Ventures

WESTSIDE

9:30 AM

A16Z GAMES

7:00 PM

  • Female Funders & Founders (Invite Only)

L'ATTITUDE Ventures

WESTWOOD

9:00 AM

Fedtech, National Security Innovation Network (NSIN)


For updates or more event information, visit the official Tech Week calendar.

Enjoy LA Tech Week 2024!

Download the dot.LA App

LA Tech Week 2024: Thursday’s Event Lineup
tech-week

Here’s what’s in store for Thursday, October 17th at LA Tech Week 2024! Check out the events by location below to find sessions that align with your interests and goals for an inspiring day in LA’s tech scene.

BEL AIR

5:00 PM

Andrew Yeung, Blindspot

8:00 PM

Andrew Yeung, Blindspot

BEVERLY HILLS

8:00 AM

Scrappy

2:00 PM

WE Global Studios

6:00 PM

  • Breaking Barriers: Women Leading the Future of Tech Innovation :See Details Here

Her Workplace

BRENTWOOD

4:00 PM

Slyngshot, Singleton Foundation, East West Projects

6:00 PM

Stanford Angels & Entrepreneurs of Southern California

CULVER CITY

9:00 AM

Intersections LA

9:30 AM

Tediophobes

5:30 PM

Curbivore

DOWNTOWN

10:00 AM

USC Marshall Grief Center for Entrepreneurial Studies

5:00 PM

Toonstar, Loyola Marymount University

EL SEGUNDO

3:00 PM

DTI

5:00 PM

Sift

5:30 PM

Shield Capital

6:00 PM

Sigma Computing, Prodege

HiveWatch

HAWTHORNE

6:30 PM

Astrolab

INGLEWOOD

11:00 AM

Sonder Impact, Sip & Sonder

6:00 PM

Sonder Impact, Sip & Sonder, ACT House

LONG BEACH

6:30 PM

Skuttlebot, Maintenance Bay 54

MALIBU

6:30 PM

Reitler, Carta

MARINA DEL REY

3:00 PM

USC, Information Sciences Institute

5:00 PM

USC, ISI

PALMS

6:00 PM

The Law Firm of Shivani Honwad, Women in LAVA

PLAYA DEL REY

8:00 AM

AI LA

PLAYA VISTA

5:00 PM

Stash, Google

6:00 PM

AI copilot

Tech Me Out, Global Objects, Verizon Innovation Lab

SANTA MONICA

8:00 AM

Human To Human, Superbloom Collective

8:30 AM

Upfront Ventures, Fenwick

olive, Bonfire, Headline, Fika, TipTop Ventures

9:30 AM

  • Founders & Investors - Barry’s Bootcamp with SVB (Invite Only)

Silicon Valley Bank

Clocktower Ventures, Intuit Ventures

Founders Wellth Club

10:00 AM

Pilot

  • ZK House (Invite Only)

Aleo

10:30 AM

Red Beard Ventures

12:00 PM

Inner Circle HQ

  • Tech & The Built Environment Series: Advancing Clean Energy Projects Regionally :See Details Here

Blended Impact, LAEDC

Brydge Club, Lendtech, Two to Twenty

1:00 PM

Olympian Motors

2:00 PM

  • YouTube Creator Collective Pickleball Tournament (Invite Only)

YouTube, @iJustine, @LaurDIY, @StevenHe

3:00 PM

Beaute in Tech

AppsFlyer, Mavan

  • Globalize VC Fund Launch & Startup Showcase (Invite Only)

Globalize

yess.io

3:30 PM

How Women Invest, 2045 Ventures

4:00 PM

WeAreLATech

Amplify, Wonder Ventures, Fenwick, Stifel, CDW

  • Funding the Future of Mental Health Fireside Chat + Mixer (Invite Only)

Silicon Valley Bank, Milken Institute, GreyMatter Capital

Olympian Motors

Hedra

4:30 PM

Emerging LA, Sunset Ventures, Fidelity Private Shares

5:00 PM

  • Investing in Identity: Underrepresented Founders' Consumer Brands :See Details Here

XRC Ventures, Black Women Talk Tech

Palm Drive Capital, Deel

NextGen Venture Partners

MELT

Squad.App

  • Navigating Challenges: AI Solutions for CEOs (Invite Only)

Tripsider, Ferla

LAstartups, Startup Coil, Expert Dojo

5:15 PM

So Cal Tech, WeAreLATech

5:30 PM

  • FEMTECH Innovation & Beauty: Shaping the Future of Women's Health and Wellness :See Details Here

Plantologist

StartupStarter, Hollo.AI, 1500 or Nothing

Clutch Talent

Everything Marketplaces

6:00 PM

Tech Pitch Roast Comedy LLC

Black Tech Meetup

USC Alumni Entrepreneurs Network

Ince Capital

Dreaming in Digital A.I.

  • Israeli Startup Network Meetup (Invite Only)

Fusion VC, Fenwick

  • Fanfix Tech Week (Invite Only)

Fanfix

  • The Kickback (Invite Only)

The Wealth Salons, DVRGNT Ventures, HubSpot, BLCK VC, Cooley, Fabric VC, Canadian Consulate of LA

INCE Capital

This Week In Fintech

Share Ventures, Jack Taylor PR

6:30 PM

ElevenLabs

PowerYou AI

Higgsfield AI

Legendary Ventures, Hustle Fund

7:00 PM

Emerging LA, Sunset Ventures, Fidelity Private Shares

Zeal

8:00 PM

Litquidity Ventures

VAN NUYS

8:00 AM

Pacer.co

VENICE

9:00 AM

Supply Change Capital

Arc, Humans Anonymous, Kindo

10:00 AM

Wave Digital Assets

12:00 PM

JP Morgan, Lux Capital, Camber Road, Varda

1:00 PM

The Redline Apart Hotel

2:00 PM

Everybody Ventures, TriNet

Mercato, Silicon Valley Bank

4:30 PM

West of Lincoln

5:00 PM

The Redline Venice Apart Hotel

Kyte

5:30 PM

XPRIZE, the Female Funders Club, Abundance360

6:00 PM

Graphite.dev

Brandy

AI LA

Intro, a16z

7:00 PM

Date Week, Paloma

VIRTUAL

11:00 AM

SaaSfluencer

APCO

BLCK UNICRN

1:00 PM

Untapped Ventures

Wonder

2:00 PM

Azarian Growth Agency

WEST HOLLYWOOD

4:00 PM

Cake Equity

6:30 PM

A16z

Styld

7:00 PM

Bulletpitch, Pluto LA

  • Science Fiction Meets Science Fact: Advanced Manufacturing (Invite Only)

ACME Capital, Calibrate VC, Techstars Space, Advaita Capital

WESTLAKE VILLAGE

4:00 PM

Trinet

WESTSIDE

11:00 AM

A La Mode Branding

Arizona Commerce Authority

2:00 PM

UCLA Technology Development Group, CNSI at UCLA

5:30 PM

Pryzm

  • Sunset Soirée (Invite Only)

Greycroft, Sound

6:00 PM

Graham & Walker

For updates or more event information, visit the official Tech Week calendar.

Enjoy LA Tech Week 2024!

Download the dot.LA App

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