TheGuarantors Raises $15M
TheGuarantors announced the completion of a Series B funding totaling $15m, which brings their total funding to date to ~$27m. The round was led by Global Founders Capital, with participation from previous backers including White Star Capital, Alven Capital, and Partech, among others.
The company will use the funding to expand its existing platform nationwide and to launch Securiti – its new product for the commercial real estate market.
“As the first product of its kind in the office real estate market,” and with an estimated $150b+ of applicable security deposits currently frozen in commercial leases in the US alone, Securiti looks to replace the traditional office security deposit, often requiring 4-12 months of rent, by allowing tenants to pay a small annual fee. The product, which is underwritten by Chubb, can be used on both new and existing leases.
“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. We’re trusting them to execute based on their past success and are thrilled to continue our support.” – Global Founders Capital, Hugues de Braucourt.
Launched in New York in 2016 with its alternative for residential security deposits, TheGuarantors’ product is now activated in nearly 300k units across 40 states, and the company claims to have reached profitability “after just a few months”.
“We are excited to reach this important funding milestone. 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. 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.” – Founder and CEO of TheGuarantors, Julien Bonneville.
Bottom Line: In the space of Insurami.
