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.