Jetty, which hopes to make renting more affordable, has received an investment from Farmers Insurance, an American insurer group.
This investment comes a year after the two companies first started working together. Toggle Insurance Company, which is owned by Farmers, became the exclusive reinsurance provider for all new policies written under Jetty’s core products, Jetty Deposit and Jetty Renters Insurance.
Following the close of the investment, Farmers has received a minority stake in Jetty. The capital will help the FinTech company enhance its existing product suite and build new solutions.
Jetty aims to make renting a home more affordable. It claims that property managers can increase lease conversion, reduce debt and streamline operations. For renters, Jetty claims to lower the barrier to entry and save them thousands on move-in-costs.
The company also provides property managers with insurance to protect their homes from theft and fire damage. While its Passport Deposit solution enables landlords to receive security deposits and lease guarantor requirements quicker.
Farmers head of new ventures Stephanie Lloyd said, “We were initially drawn to Jetty by the strength of their brand and their innovative approach to fintech in the real estate vertical, and these initial perceptions have been borne out in the six months that we’ve worked together.
“Jetty has big and exciting plans for the future, and the investment will help the company reach its goals more quickly.”
The company previously raised $25m in its Series B funding round, which was led by Khosla Ventures managing director Keith Rabois.
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