TheGuarantors Pull in $50M, Plans to Quadruple Engineering Team
Between the lingering economic impacts of the Covid-19 pandemic and the latest skyrocketing inflation rates, it’s no surprise that U.S. rent rates are at an all-time high. In fact, rent prices increased 17 percent year-over-year, making it harder for everyday renters to afford and secure housing.
To help combat the difficulty renters face, local fintech startup TheGuarantors acts as a co-signer and offers up security deposits for users in need.
On Monday, TheGuarantors pulled in $50 million in a Series C funding round led by Portage Venture, which the company plans to use to expand its product offerings. Additional funding will go toward doubling the size of TheGuarantors’ current 160-person team and quadrupling the size of its engineering team. Nearly 30 roles are currently open for hire across engineering, human relations, operations, sales and more.
“As rents spike across the country, renters increasingly struggle to qualify for and afford the apartment homes they want and need,” Julien Bonneville, CEO of TheGuarantors, told Built In via email. “With this new injection of capital, TheGuarantors is poised to meet these fundamental needs of renters, which translates to an incredibly high demand for our products.”
The startup said it tripled its revenue in 2021 alone and, through partnerships with landlords, represents three million units across the country.
“On the back of strong underwriting and leading products, TheGuarantors has become one of the largest players in its space. We’re excited to partner with the company as they expand nationally,” Adam Felesky, CEO of Portage Ventures, said in a statement.