Wisconsin's American Family Insurance, the multibillion-dollar company that specializes in business, property, auto and life Insurance, is investing in a California company that developed an insurance technology platform for real estate operators.
American Family Ventures, the venture arm of the Madison-based company, participated in a $52 million Series B financing round for LeaseLock, according to a news release. Other investors included SoftBank Ventures Asia, Vertex Ventures US, Liberty Mutual Strategic Ventures, Moderne Ventures, Strata Equity Group, Veteran Capital and Mucker Capital.
To date, LeaseLock has insured $1 billion in real estate leases across multifamily operators and preeminent asset owners, the company stated. Some of its customers include Cushman Wakefield and Goldman Sachs.
“The market is shouting for a better solution to upfront housing costs that serves both the renter and the operator,” Reichen Kuhl, co-founder and president of LeaseLock, said in a statement. “Our technology platform completely removes friction, cost, and regulatory risk from our customers’ operating infrastructure and P&L.”
American Family Ventures has a venture portfolio of more than 70 companies. Investments are made in the range of $250,000 to $5 million in startups focused on innovation in insurance-related services, artificial intelligence and data analytics, and internet-of-things technology, primarily around home automation.
