Fintech startup that gives the average renter tools to access rental homes across the nation, Jetty, has recently announced a $25 million Series B funding round. Led by Khosla Ventures' Keith Rabois (who will be joining Jetty's Board of Directors) the investment brings the company's total funding to more than $40 million.Other participating investors include Valar Ventures and Ribbit Capital.
Jetty plans to use this new capital to continue to build upon and optimize its service that empowers the everyday renter with access to the homes of their dreams. With further investments in technology and team building, Jetty will expand its real estate distribution footprint, helping the company leverage its property management partners stay its main channel of providing a better resident experience.
"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."
The company's property management partners, which include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, along with others, spans over 500,000 rental units across the U.S. With these partnerships, Jetty users have saved an average of $1,350 on move-in costs thanks to the company's security deposit replacement product called Jetty Deposit.
Furthermore, Jetty Renters Insurance is offered to all Jetty renters where they have the option to use the company as an institutional guarantor with Jetty Lease Guaranty. With this, the resident experience improves and the leasing process for the property manager is more efficient and streamlined.
"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."
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