InsurTech startup Jetty nabs $25m in Series B

Renters insurance platform Jetty has nabbed $25m in its Series B round which was led by Khosla Ventures managing director Keith Rabois.

As part of the deal, Keith Rabois will join the Jetty board of directors.

Other participants to the series included previous Jetty backers Valar Ventures and Ribbit Capital. With the close of the round, the company has raised a total of $40m in equity.

Through the new line of funding, the company will look to further the investment into its technology and team.

The InsurTech is also hoping to expand its real estate distribution footprint, to do this, it will leverage its property management partners as its primary channel. Its property management partners include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, and others.

Together, this spans 500,000 rental units across the US, with Jetty members able to save an average of $1,350 on move-in costs, the company claims.

Jetty offers renter’s insurance to protect the contents of a home from incidents like theft and fire. Jetty’s Passport Deposit product to enables landlords to receive security deposit and lease guarantor requirements quicker and a single place for risk management.

Khosla Ventures managing director Keith Rabois said, “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.”

The company closed its Series A back in 2017, pulling in $11.5m from Valar Ventures, Ribbit Capital, SV Angel, BoxGroup, and Red Swan.

Copyright © 2019 FinTech Global

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