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Strata Equity Group Deploys LeaseLock Within Online Resident Leasing to Eliminate Deposits
March 11, 2021 GMT
MARINA DEL REY, Calif. (BUSINESS WIRE) Mar 11, 2021
LeaseLock, the world’s leading insurtech platform for real estate, today announced Strata Equity Group has implemented LeaseLock Zero Deposit™ across its entire portfolio. Strata manages nearly 20,000 apartment homes across 73 communities in 11 states, spanning the coasts from Georgia to Washington.
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$1,749 in coverage per lease
Nearly 2.5x more protection compared to deposit amount
Monthly increase of over $875,000 in portfolio-wide coverage
“Zero Deposit is the new direction for multifamily,” said Andrew Gordon, COO, Strata Equity Group. “Security deposits and previously available alternatives simply don’t offer enough protection against property damage and bad debt. With LeaseLock, we are improv
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Marina Del Rey-based
LeaseLock, which is developing artificial intelligence technology and lease insurance products to eliminate the need for security deposits, has raised $52M in its Series B funding round, the company announced this morning. The new funding was led by Westerly Winds and Wildcat Venture Partners, and also included SoftBnk Ventures. Other investors in the round included Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, Strata Equity Group, Veteran Capital, and Mucker Capital. LeaseLock said it will use the funding to expand its lease insurance product. The company said it has so far insured $1 billion in leases. LeaseLock is led by Co-Founder and CEO, Derek Merrill.