TheGuarantors, an InsurTech focused on the real estate rental industry, has pulled in $15 million for its Series B financing.
Plans call for using the cash infusion to expand the company’s platform nationally and launch its new product for the commercial real estate market.
TheGuarantors launched its residential lease guarantee business in 2016 in New York, with a focus on helping qualified renters secure apartments. The company debuted its residential security deposit replacement and renters insurance offerings in 2018. Its new commercial real estate rental offering, dubbed Securiti, helps tenant companies to replace traditional office security deposits at what the company claims is about half the cost of alternatives. Securiti is designed to significantly improve cash position for tenants to put to growth while offering landlords enhanced protection.
The main platform, which served as the startup’s first product offering, connects renters who cannot secure a lease on their own with an insurance-backed co-signer.
Chubb backs The Guarantors’ policies, the company said.
Global Founders Capital led the Series B round, and the venture capital firm has previously invested in companies such as Slack, Facebook and LinkedIn. Most of the Series A investors, including White Star Capital, Alven Capital and Partech Ventures, also participated in the round, demonstrating their ongoing conviction toward the company and the space. TheGuarantors also claims “an array of top players from the insurance and real estate industries.” Those are not named, other than Silvertech Ventures.
Including the new round, TheGuarantors has raised $27 million. The company claims its platform is now activated in nearly 300,000 rental units across 40 states, including California.