U.S. insurtech Rhino announced on Tuesday it raised $95 million through its latest investment round, which was led by Tiger Global Management with participation from Kairos, Lakestar VC, and Lakehouse VC. Launched in 2017, Rhino is on a mission to bring greater financial freedom to renters everywhere by replacing cash security deposits with smart, affordable insurance.
“We empower renters and landlords on a national scale to eliminate the traditional security deposit model by replacing cash security deposits with smart, affordable insurance so renters can maintain control of their cash.”
Rhino further revealed that over the past 18 months, it has tripled in size to 100 employees and expanded from 200,000 homes to more than 1 million homes today, which results in more than $250 million in direct savings for renters. The insurtech then noted over the last two-year period, the company has seen a 1,500% growth in Contracted Annual Recurring Revenue (ARR), from $4 million in January 2019 to $60 million in January 2021. Paraag Sarva, CEO at Rhino, spoke about the company’s development by stating:
“We advocate for renter-friendly legislation like Renter’s Choice because 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. With $45 billion sitting locked away in escrow accounts, unusable for both renters and property owners alike, we need common-sense legislation that can put that money back into the pockets of people who need it the most–renters.”
Ankur Jain, Chairman at Rhino, then added that the investment round’s funding will allow the Rhino team to take their product to even more renters, launch new products, and help make housing more affordable.