SA Insurtech Startup LeaseSurance Secures $161k in Seed Funding to Fuel Growth and Innovation
South African insurtech startup LeaseSurance has raised ZAR3 million (US$161,0000 in seed funding to expand its team and further develop cutting-edge technology solutions for the real estate industry.
LeaseSurance uses financial technology to optimise assets in rental real estate by replacing security deposits with lease insurance. The platform offers a comprehensive B2B solution to rental real estate owners and operators, providing them with a data-driven risk engine and data platform to boost operating income and optimise portfolio performance.
Traditionally, landlords have relied on cash deposits for protection against tenants defaulting as a result of these pressures.
“Unfortunately, though, the usefulness of a cash deposit has limitations. Cash deposits present administrative challenges and limited protection against rent loss and damages, creating financial constraints for both tenants and landlords,” said Paul Schaefer, CEO of LeaseSurance.
LeaseSurance’s B2B, tech-driven lease insurance addresses these concerns for landlords by reducing the administrative burden, replacing cash deposits with affordable monthly fees, and lowering bad debts. As a result, landlords gain up to five times more protection, resulting in an improved Net Operating Income (NOI) for their properties. The solution also makes it possible for landlords to remove current barrier concessions such as discounts and lower deposits, saving millions on the bottom line.
The ZAR3 million (US$161,000) seed financing round was led by Fedgroup Private Capital, and sets the stage for the company to build on its offering.
“This is an exciting development for us. It comes at a time when we are ready to take our product to the next level,” Schaefer said.
Sheldon Friedericksen, general manager of Fedgroup Private Capital, said his company was impressed by LeaseSurance’s commitment to innovation.
“LeaseSurance has created the foundation for an end-to-end enterprise insurtech property platform which resonates with Fedgroup’s 30+ years’ experience in the property industry. Our investment will be used to continue to build the solid foundation required to grow this truly exciting and much-needed solution in the property sector,” he said.
“With this investment, LeaseSurance now forms part of the broader property ecosystem within Fedgroup. Our curated network of providers allows us to unlock value in assets and support property owners and their tenants, while reducing waste through the provision of utility management services that incorporate smart technologies around water and energy.”
Source: disrupt-africa.com
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