TheGuarantors, an insurance technology firm that focuses on the residential rental real estate industry, announced Monday that it recently raised $15 million to help the company expand into commercial real estate.
The company launched in New York in 2016 and focused first on a single offering, a lease guarantee where the company acts as a guarantor on leases. From there, the company expanded to offer a security deposit alternative as well as renters’ insurance.
And now, with some new financial backing, the company is planning on expanding into commercial real estate, specifically office space. The company’s new product acts as a security deposit replacement for office tenants.
Beyond that, the company plans use the funding to further expand its residential platform as well.
“We are excited to reach this important funding milestone,” Founder and CEO Julien Bonneville said in a release.
“Given our strong success in New York City, we have worked over the past year to help landlords in competitive real estate markets like Boston, DC, Chicago, LA, and Dallas increase NOI and reduce all tenant risks,” Bonneville continued. “Now that we are established among the residential real estate community, we want to continue to provide solutions by introducing Securiti. We are proud to have created a product that alleviates leasing hurdles for all members of the office rental market.”
The company’s funding round, its Series B, raised $15 million to bring the company’s total funding to $27 million.
Global Founders Capital, a global venture capital firm, led the Series B round. Several of the company’s previous investors, including White Star Capital, Alven Capital, and Partech Ventures, also participated in the round. Silvertech Ventures also took part in the funding.
“With their residential offerings, TheGuarantors have shown ability to create innovative products that have a strong market fit. By venturing into the commercial space - with larger and longer leases - their Securiti offering represents a huge opportunity for growth,” Hugues de Braucourt from Global Founders Capital said. “We're trusting them to execute based on their past success and are thrilled to continue our support.”