Jetty bags $25M Series B led by Khosla Ventures to expand its real estate distribution footprint
In an industry that’s historically been riddled with jargon, high costs, and outdated technology, Jetty is a fintech startup transforming insurance by empowering everyday renters with tools to access rental homes nationwide. Today, Jetty announced it has raised a $25 million Series B funding round to continue to build and improve upon Jetty’s mission of empowering everyday renters with access to the homes they desire. Through further investments in technology and personnel, Jetty will expand its real estate distribution footprint, leveraging its property management partners as its primary channel to provide a better resident experience. The round was led by by Keith Rabois of Khosla Ventures, who will join the Company’s Board of Directors, with participation from existing investors, including Valar Ventures and Ribbit Capital. To date, Jetty has raised a total of $40 million in funding.
Founded in 2015 by Luke Cohler and Michael Rudoy and launched to market in 2017, the New York City-based Jetty offers renters insurance which can be customized for all kinds of scenarios—from nightmares like fire and theft to shattered phones, broken laptops, and even bedbugs. They 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. Its three products work alone or together to improve the lease-signing experience, lowering the barrier to entry for everyday renters with a tech-focused, design-centric product.
“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.”
Jetty’s property management partners include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, among others—together spanning more than 500,000 rental units nationwide. Through these partnerships, Jetty 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 gain protection through Jetty Renters Insurance, and they have the option to use Jetty as an institutional guarantor with Jetty Lease Guaranty. The result is a drastically improved resident experience, and a more efficient leasing process for the property manager.
“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.”