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.”