Garentii raises €1.9 million
Munich-based Garentii has raised €1.9 million in seed funding led by Greenlight Re. Additional investors include Dublin-based Elkstone Ventures and German private investors.
Founded in 2021, Garentii offers an alternative to rent deposits, helping free up the “30 billion euros that sit as cash deposits in bank accounts in Germany alone.” Instead of a traditional rent deposit, renters pay a monthly fee starting at €3. The product offers landlords security in the event of damage or unpaid rent with claims paid out in 48 hours.
Garentii will launch first in Germany and it plans to expand into other countries later this year. Garentii is an MGA and it has partnered with Greenlight Re and SiriusPoint to deliver its insurance offering across Europe.
“We’ve built an embedded insurance solution that creates value not only for renters but for real estate landlords. The company is betting on its B2B2C-model – business to business to consumer model – to rapidly scale its offering. Paying cash deposit is just not fun. It is one of the most inefficient use of capital for renters and an admin burden for landlords. We want to make rental transactions simpler, more affordable and inclusive to everyone.” CEO and co-founder of Garentii Michael Hazoume.
“Security deposit replacement insurance has already seen success in the U.S. and is a great product for replication in other markets. By developing a tech platform for landlords to distribute and administer policies, Garentii will make renting an apartment smoother for both landlord and tenant.” – Simon Burton, CEO at Greenlight Re.