Since TheGuarantors founding, we’ve prided ourselves in providing excellent customer service to our clients while enhancing product innovation to bring the best solutions to landlords and renters. We’ve also focused on expanding nationally to provide our platform to the widest group of landlords and renters.
Last week, we announced the achievement of a major milestone that will advance our quality service and innovative solutions: the closure of $15 million in Series B funding.
The Series B round was led by Global Founders Capital, a global venture capital firm that has previously invested in companies such as Slack, Facebook, and LinkedIn, along with most of our Series A investors, including White Star Capital, Alven Capital, and Partech. It also featured top players from the insurance and real estate industries, including Silvertech Ventures.
We knew we were onto something special in 2016, when our business reached profitability just a few months after launch. While we started off as a single product platform offering Lease Guarantee, the platform has quickly scaled with the inclusion of two additional key offerings — completely free to landlords — helping them mitigate all of their tenant-related risks. Landlords and property managers across the country have seen success working with us as our products are now activated in nearly 300,000 units across 40 states, including California.
Our Series B funding will also allow TheGuarantors to help an entirely new set of clients in the commercial office space. We are thrilled to announce the launch of Securiti™, a revolutionary product for office tenants. Traditional office security deposits are very capital intensive for tenants, and often require 4–12 months of rent. We’ve tailored Securiti™ to the office real estate industry, allowing tenants to replace their standard security deposit for a small annual fee while providing landlords with desired protection. It can be used on both new and existing leases, which allows all tenants to unfreeze capital and finance new projects.
In this new venture we have partnered with Chubb, the world’s largest publicly traded property and casualty insurer, to back the policies. We are excited for this opportunity, given we estimate that over $150B of applicable security deposits are currently frozen in commercial leases in the US alone.
With a significant milestone and exciting start to 2019, we’re looking forward to continuing the momentum throughout the year.
Read the full press release here