Rhino raises $95m to support US renters
US-based insurtech, Rhino, has raised $95 million in a private equity round led by Tiger Global Management.
The round also featured participation from Kairos, Lakestar VC, and Lakehouse VC. Rhino has raised a total of $132.7 million since 2017.
Rhino’s security deposit insurance acts as a “direct replacement” for a cash security deposit. Renters pay the firm monthly fees to insure their landlord’s property for damages and lost rent.
The firm claims it has tripled in size to more than 100 employees. It says its policies cover one million homes in the US, and saved renters $250 million in cash.
Ankur Jain, chairman at the firm, believes the rental insurance industry is set for “explosive growth”.
He adds: “This funding will allow us to take our product to even more renters, launch new products, and help make housing more affordable.”
“Putting renters first in our business has given us the opportunity to become renter advocates at a national level,” says Paraag Sarva, CEO.
“Nearly half of Americans are unable to afford a $400 emergency expense and that makes housing affordability one of the most pressing issues in America right now.”
Sarva says the country needs “common sense legislation” to “put money back into the pockets of people who need it the most.”