Venture Capital News: Jetty Snags $4M Seed Funding
NEW YORK, NY, Jetty, an insurtech startup, has raised $4 million in seed funding,
Jetty, the first insurance provider built for the city, launched in multiple states to provide city dwellers a suite of insurance products and services that fit the needs of their modern lifestyle. Jetty helps consumers get into the apartments they want with ease and protects them, and their belongings, once they're in. The company offers a variety of traditional insurance products, as well as Jetty Passport, a suite of unique renters services which help tenants obviate requirements like posting a security deposit or finding a guarantor. Rather than taking a traditional industry approach and hoping that customers will "set it and forget it," Jetty adds further value through proprietary partnerships and member benefits available to its customers. Jetty's insurance plans are now available in Pennsylvania, Illinois, and Georgia; Jetty Passport is now available in Pennsylvania, Illinois, Georgia, New Jersey, and Florida, with plans for expansion for all offerings throughout the year.
INSURANCE & POWER-UPS
The entire Jetty experience, from initial sign-up and filing claims, to protecting valuables and personal electronics, is completed through an intuitive, paperless experience on Jetty.com. Jetty has partnered with Munich Re, the world's largest reinsurer ($275 billion in assets), to provide robust financial support for the company's products.
Starting plans provide base coverage features such as: protection for members' personal property and belongings (property coverage); reimbursement for injuries to others or damage to their property (liability coverage); reimbursement for alternate accommodations (loss of use coverage); and reimbursement for medical expenses incurred by others (medical payments coverage).
Jetty Power-Ups allow members to enhance their standard insurance plans with additional, à la carte features to better fit their needs, such as protecting valuable, high-ticket items. Power-Ups categories include jewelry, designer handbags and shoes, personal electronics (smartphones, laptops, tablets), music and audio gear, wine collections, artwork, bicycles, and more. Additionally, Jetty customers who rent out their apartment on services like Airbnb can protect their residence and property from unfortunate mishaps not covered by the renting service. All Jetty users receive the Jetty "bed bugs" Power-Up, which helps offset the cost of an exterminator for victims of bed bugs. Power-Ups are activated quickly and easily at any time on Jetty.com.
To remove the additional obstacles tenants face when meeting a landlord's requirements -- such as posting a security deposit or finding a lease guarantor -- Jetty is also introducing Jetty Passport, a pair of novel renter-specific services that includes Passport Deposit (a security deposit replacement service) and Passport Lease (a lease guaranty replacement service). Combined with Jetty's insurance plans, Jetty Passport drastically improves the entire apartment hunting process for both renters and landlords, and allows renters to meet today's renting requirements through one brand and one experience.
Beyond insurance and Jetty Passport, Jetty is meeting its promise of removing hurdles for city dwellers by offering a suite of membership benefits to provide discounts and promotions on services such as food and beverage, housewares, home services, and more, from some of today's most popular city-based startups. These benefits help foster continued customer engagement beyond the initial sign-up while delivering further value to members -- from move-in day and beyond. Partnerships at launch include Thrive Market, Laurel & Wolf, Winc, and more, with others added regularly.
"It's a pretty common trope these days that property & casualty insurance, a $550 billion industry, is trapped in a bygone era," said Michael Rudoy, co-founder and CEO of Jetty. "But what really hit home for us was the way in which the industry has totally failed to meet the demands of a very specific and underserved audience -- modern urban consumers, who have different expectations, requirements and needs as compared to other generations. Our vision is to create an insurance brand perfectly tailored to this demographic, spanning numerous product lines and challenging traditional divisions between insurance providers as regards their product portfolios."
Jetty is comprised of a versatile executive team with a proven ability to successfully execute in insurance, technology, and marketing, including: Co-founder & CEO, Michael Rudoy (Founding Partner at Breadhouse and formerly co-founder at Big Live); Co-founder, President & Chairman, Luke Cohler (Founding Partner at Breadhouse and formerly VP of Marketing at Peixe Urbano); CTO Davin Chew (formerly CTO at Squarespace); and Chief Insurance Officer Braden Davis (formerly Head of Strategy at QBE North America and Engagement Manager at McKinsey & Company).
Jetty has raised $4 million to date in Seed funding from a strategic group of investors, including Ribbit Capital, Box Group, Social Capital, SV Angel, Red Swan, MetaProp NYC and Solon Mack Capital.
Jetty is the first insurance provider built for the city. It offers urban consumers a suite of insurance products, services, and benefits that fit the needs of their modern lifestyle. The company has raised $4 million in seed funding to date, and was founded in 2016 by Michael Rudoy (CEO) and Luke Cohler (President / Chairman) after the two experienced firsthand how the insurance industry has not kept apace with the seismic shifts in how modern, urban consumers live their lives. For more information, and to sign up for a plan, please visit Jetty.com.
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