The round was led by Fedgroup Private Capital, with participation from angel investors.

Founded in 2022, LeaseSurance’s platform uses data and machine learning to assess the risk of a tenant defaulting on their lease. If the risk is low, LeaseSurance will provide the landlord with a guarantee, which will cover the cost of the security deposit.

The startup’s latest funding will be used to expand LeaseSurance’s operations in South Africa and to grow its team.

The company also plans to develop new features for its platform, such as a payment system and a dispute resolution mechanism.

LeaseSurance is well-positioned to make a significant impact on the rental real estate market in South Africa and to help make it more accessible and affordable.

The funding for LeaseSurance is a sign of the growing interest in insurtech in Africa.

The continent is home to a young and growing population, and there is a growing demand for innovative insurance solutions. Insurtech has the potential to make insurance more accessible and affordable and to improve the customer experience.