InsurTech startup Jetty raises $25 mn in Series B funding

Insurtech startup, Jetty, which insurance and guarantor services to renters in the US, has recently closed a Series B funding round led by Keith Rabois …

Mike Rudoy- CEO& Co-Founder, Jetty

Insurtech startup, Jetty, which insurance and guarantor services to renters in the US, has recently closed a Series B funding round led by Keith Rabois of Khosla Ventures and amounting to $25 million. Existing investors, including Valar Ventures and Ribbit Capital, will also join the round. The investment brings the Company’s total funding to more than $40 million.

This recent funding will be used by Jetty to expand its real estate distribution footprint, leveraging its property management partners as its primary channel to provide a better resident experience.

“As growing metropolitan areas struggle to build enough housing supply, no financial services have helped mitigate the impact to consumers,” said Keith Rabois, Managing Director at Khosla Ventures. “Jetty is focused on improving the lease-signing experience by providing a suite of financial services from a security deposit replacement product to a renters insurance product, for both renters and their property managers. By providing value to both sides, they’ve been able to create partnerships with the largest property managers across the U.S.”

“The process of signing a lease is full of barriers: It’s time-consuming and can be prohibitively expensive for everyday renters to access their desired home,” said Mike Rudoy, CEO and co-founder of Jetty. “Jetty is challenging the status-quo by empowering the everyday renter with tools to lower move-in costs, while simultaneously giving property managers a way to streamline operations and mitigate risk. It’s truly a model where everyone wins.”

Established in 2017 and headquartered in New York, Jetty empowers renters with financial access to rental homesacross the nation. Its three products work alone or together to lower the barrier to entry for everyday renters with a tech-focused, design-centric product.

Founded in 2004 by Vinod Khosla, Khosla Ventures provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. With over five billion dollars under management, the firm focuses on a range of areas including consumer, enterprise, education, advertising, financial services, semiconductors, health, big data, agriculture/food, sustainable energy and robotics.

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Jetty raises $25m in funding to secure more renters

The company’s existing investors, including Valar Ventures and Ribbit Capital, also joined in the funding round led by Keith Rabois of Khosla Ventures …

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Jetty, an insurance startup that focuses on renters, has announced the raising of $25 million in a Series B funding to expand its business while lowering move-in costs for renters.

“The process of signing a lease is full of barriers: It’s time consuming and can be prohibitively expensive for everyday renters to access their desired home,” Jetty’s CEO and co-founder Mike Rudoy said.

Founded in 2017, the company offers three flagship insurance products, each of which are made to save property managers and renters money and give them piece of mind. Jetty also teams up with landlords and property managers to provide renters insurance directly from the property.

So instead of forking over a full security deposit, renters can pay a fee of 17.5% of the deposit amount. Jetty then steps in to insure and guarantee the full deposit amount for the landlord.

“Jetty is challenging the status quo by empowering the everyday renter with tools to lower move-in costs, while simultaneously giving property managers a way to streamline operations and mitigate risk. It’s truly a model where everyone wins,” Rudoy said.

Jetty also partnered with management partners such as LivCor, Beam Living, Griffis, Lynd, Rose Associates, and others to manage more than 500,000 rental units all over country.

The company’s existing investors, including Valar Ventures and Ribbit Capital, also joined in the funding round led by Keith Rabois of Khosla Ventures.

“Jetty is focused on improving the lease-signing experience by providing a suite of financial services from a security deposit replacement product to a renters insurance product, for both renters and their property managers,” Rabois said. “By providing value to both sides, they’ve been able to create partnerships with the largest property managers across the US.”

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US Insurtech Jetty Secures $25 Million Through Series B Funding Round Led By Khosla Ventures

Jetty, a U.S.-based insurtech startup, announced on Wednesday it secured $25 million through its Series B funding round led by Keith Rabois of …

Jetty, a U.S.-based insurtech startup, announced on Wednesday it secured $25 million through its Series B funding round led by Keith Rabois of Khosla Ventures with participation from Valar Ventures and Ribbit Capital.

Founded by Mike Rudoy and Luke Cohler, Jetty states it offers insurance that is designed to help consumers get the protection they actually need at a price they can afford. Its mission is to protect its members from setbacks of all kinds, which includes fire and theft.

Jetty Renters Insurance, our core offering for consumers, can be customized for all kinds of scenarios—from nightmares like fire and theft to shattered phones, broken laptops, and even bedbugs. We also offer two additional innovative services: Jetty Deposit and Jetty Lease Guaranty. Together, they eliminate the need for renters to have a guarantor or pay a security deposit when signing a lease. This not only saves renters time and money, but it helps landlords drive occupancy, streamline operations, and manage risk.”

Jetty reported its property management partners include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, among others—together spanning more than 500,000 rental units nationwide. The company noted that through these partnerships its members have saved an average of $1,350 on move-in costs with Jetty’s security deposit replacement product, Jetty Deposit. In addition, renters can have protection through Jetty Renters Insurance, and they have the option to use Jetty as an institutional guarantor with Jetty Lease Guaranty.

Speaking about the investment, Rabois, who is Managing Director at Khosla Ventures, stated:

“As growing metropolitan areas struggle to build enough housing supply, no financial services have helped mitigate the impact to consumers. Jetty is focused on improving the lease-signing experience by providing a suite of financial services from a security deposit replacement product to a renters insurance product, for both renters and their property managers. By providing value to both sides, they’ve been able to create partnerships with the largest property managers across the U.S.”

Rudoy, CEO and co-founder of Jetty, went on to add:

“The process of signing a lease is full of barriers: It’s time consuming and can be prohibitively expensive for everyday renters to access their desired home. Jetty is challenging the status-quo by empowering the everyday renter with tools to lower move-in costs, while simultaneously giving property managers a way to streamline operations and mitigate risk. It’s truly a model where everyone wins.”

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Jetty bags $25M Series B led by Khosla Ventures to expand its real estate distribution footprint

The round was led by by Keith Rabois of Khosla Ventures, who will join the Company’s Board of Directors, with participation from existing investors, …

In an industry that’s historically been riddled with jargon, high costs, and outdated technology, Jetty is a fintech startup transforming insurance by empowering everyday renters with tools to access rental homes nationwide. Today, Jetty announced it has raised a $25 million Series B funding round to continue to build and improve upon Jetty’s mission of empowering everyday renters with access to the homes they desire. Through further investments in technology and personnel, Jetty will expand its real estate distribution footprint, leveraging its property management partners as its primary channel to provide a better resident experience. The round was led by by Keith Rabois of Khosla Ventures, who will join the Company’s Board of Directors, with participation from existing investors, including Valar Ventures and Ribbit Capital. To date, Jetty has raised a total of $40 million in funding.

Founded in 2015 by Luke Cohler and Michael Rudoy and launched to market in 2017, the New York City-based Jetty offers renters insurance which can be customized for all kinds of scenarios—from nightmares like fire and theft to shattered phones, broken laptops, and even bedbugs. They also offer two additional innovative services: Jetty Deposit and Jetty Lease Guaranty. Together, they eliminate the need for renters to have a guarantor or pay a security deposit when signing a lease. This not only saves renters time and money, but it helps landlords drive occupancy, streamline operations, and manage risk. Its three products work alone or together to improve the lease-signing experience, lowering the barrier to entry for everyday renters with a tech-focused, design-centric product.

“As growing metropolitan areas struggle to build enough housing supply, no financial services have helped mitigate the impact to consumers,” said Keith Rabois, Managing Director at Khosla Ventures. “Jetty is focused on improving the lease-signing experience by providing a suite of financial services from a security deposit replacement product to a renters insurance product, for both renters and their property managers. By providing value to both sides, they’ve been able to create partnerships with the largest property managers across the U.S.”

Jetty’s property management partners include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, among others—together spanning more than 500,000 rental units nationwide. Through these partnerships, Jetty Members have saved an average of $1,350 on move-in costs with Jetty’s security deposit replacement product, Jetty Deposit. In addition, renters can gain protection through Jetty Renters Insurance, and they have the option to use Jetty as an institutional guarantor with Jetty Lease Guaranty. The result is a drastically improved resident experience, and a more efficient leasing process for the property manager.

“The process of signing a lease is full of barriers: It’s time consuming and can be prohibitively expensive for everyday renters to access their desired home,” said Mike Rudoy, CEO and co-founder of Jetty. “Jetty is challenging the status-quo by empowering the everyday renter with tools to lower move-in costs, while simultaneously giving property managers a way to streamline operations and mitigate risk. It’s truly a model where everyone wins.”


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Jetty Raises $25M in Series B Funding

The round, which brought total funding to more than $40m, was led by Keith Rabois of Khosla Ventures, who will join Jetty’s Board of Directors.

Jetty LogoJetty, a NYC-based fintech startup that provides renters with tools to access rental homes nationwide, raised $25m in Series B funding.

The round, which brought total funding to more than $40m, was led by Keith Rabois of Khosla Ventures, who will join Jetty’s Board of Directors. Existing investors, including Valar Ventures and Ribbit Capital, will also join the round.

The company intends to use the funds to continue to invest in technology and personnel and expand its real estate distribution presence.

Founded by Mike Rudoy and Luke Cohler, Jetty provides renters with financial access to rental homes nationwide. Its three products, which work alone or together, include:

– Deposit, a security deposit replacement product,

– Renters Insurance, which allows renters to gain protection, and

– Lease Guaranty, an institutional guarantor.

The company’s property management partners include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, among others — together spanning more than 500,000 rental units nationwide.

FinSMEs

06/02/2019

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