We had already figured out in 2017 that Jetty was going to be a growing startup, when it was just founded and its name stood out in the New York insurtech system along with entities like Oscar and Lemonade..
Well, now it’s confirmed. Jetty, a New York-based insurtech startup offering low-cost home insurance for apartment tenants, closed a funding round by raising $25 million: investors in the latter stage included Khosla Ventures and Opendoor co-founder, Keith Rabois, while in the previous rounds Paypal co-founder and venture capitalist Peter Thiel also joined.
Jetty, the insurtech startup for houses and condos
Aside from insuring tenants against damage, Jetty also offers other services (e.g. providing guarantees on behalf of tenants in return for 10% of the annual rent). Jetty said that the money raised will be used to develop the technology behind the insurance system, hire more staff and expand partnerships with landlords: Jetty currently deals with landlords of over half a million apartments in 46 states, including some of the largest companies offering properties for rent.
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Why Khosla Ventures invested in Jetty
“As metropolitan areas struggle to provide enough housing to meet the ever-increasing demand for dwellings, prices – including insurance ones – are skyrocketing”, said Keith Rabois, managing director of Khosla Ventures. And so far, “no financial services have helped reduce the impact on consumers”. Jetty, on the other hand, “providing a service to both parties, could create partnerships with the largest property managers in the United States”.
Jetty: $40 million funding since 2017
Founded in 2017 by Mike Rudoy and Luke Cohler, Jetty has so far raised funds for about $40 million: $25 million in the last round, $11.5 million in the previous one and about $4 million in seed money, enjoying praise from many real estate entrepreneurs, such as LeFrak, one of the largest builders in the New York area.
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