Rhino CEO Paraag Sarva steps down

In a LinkedIn post, Rhino CEO and co-founder Paraag Sarva is sharing that after 6+ years, he is passing the CEO duties to co-founder and CRO Benjamin Lantos.

It isn’t clear from the post what role Sarva will hold moving forward, but he wrote that he will support Benjamin, and the entire team, in “every way” he can.

Sarva also shared that Rhino secured an additional $30 million in funding. In February, we reported that the startup was looking to raise $40 million.

Bottom Line I: We are at a phase where select co-founders and/or CEOs step aside from their day-to-day duties. Recall Tim Metzner/Coterie, Matt Miller/Embroker, Assaf Wand/Hippo.

Bottom Line II: Despite the widespread consensus that new entrants did not threaten established insurers, the market for alternative rent deposits has changed – “Insurent launched a residential lease guaranty business in 2008. It was the first and only business of its kind until 2016 when Guarantors entered the market.”