Venture Capital News: Jetty Lands $11.5M Series A Round
NEW YORK, NY, Jetty today announced that it has closed a $11.5 million Series A round of financing.
Jetty, the financial services company that designs products and solutions to help people navigate the obstacle course of life, today announced that it has closed a $11.5 million Series A round of financing, led by Valar Ventures, the New York-based fund backed by Peter Thiel and known for its FinTech focus. The round featured renewed participation from original Jetty seed investors, including Ribbit Capital, SV Angel, BoxGroup, and Red Swan.
Jetty's initial product suite, offered in combination or à la carte, focuses on solving the problems both consumers and landlords experience during a home rental process. Jetty Passport Deposit, Jetty Passport Lease, and Jetty Renters Insurance products empower consumers to easily meet the requirements of posting an expensive security deposit, finding a lease guarantor, and obtaining renters insurance. The novel combination of Jetty Passport Products with Jetty Renters Insurance offers both sides of the rental equation the most comprehensive solution to renting and protecting a home. The Company offers an unparalleled experience in terms of speed, convenience, and results, at a fraction of traditional costs and with vastly-reduced complexity.
The Jetty Renters Insurance product is designed to address the realities and risks inherent to modern life. Through Jetty, consumers are for the first time able to protect their wine collections, expensive fashion accessories, and personal electronics, as well as to insure themselves from the risks of bed bugs, or theft that may occur during a home-sharing experience.
Landlords are particularly taken with Jetty Passport products, which allow tenants to quickly meet their security deposit and lease guarantor requirements; the offering allows landlords to rely upon a single, institutional source of risk management.
As of today, Jetty offers all three products in 131 states; Jetty Renters Insurance and Jetty Passport Deposit products are available in California. Jetty Passport Products are available in 25 states; and Jetty is in the process of making the all three products available nationwide by the end of the year.
Jetty Co-Founder and President Luke Cohler said, "Part of the inspiration for Jetty stemmed from the experience I had trying to rent an apartment in New York City after a few years living in Brazil. The process was a complete nightmare and I couldn't understand why I had to deal with endless phone calls, faxes and photocopies to do something as simple as pay someone to let me live at their property."
Jetty Co-Founder and CEO Mike Rudoy said, "We're not trying to fix insurance just for the sake of it, we're trying to fix real-world problems. As a first step, we've combined existing financial services and insurance products in a new way to create an all-encompassing solution for renters and landlords alike. Looking ahead, we consider the intriguing possibility that building a successful insurance company may not rely upon selling insurance alone."
Valar Partner Andrew McCormack said, "Jetty is exciting because they are building new products and providing a beautiful experience for their customers in an industry notorious for commodity products and one of the worst customer experiences a person can have. Let's face it, most people hate their insurance company. Jetty is setting out to change that."
Jetty is a financial services company that designs products and solutions that help people reach their life goals faster by removing obstacles and risks. Currently, Jetty focuses on solving the problem of renting a home through a novel offering of financial services and insurance products that solve major headaches for consumers and landlords. Offered in combination or à la carte and accessible over any digital device, Jetty products are widely available across the United States; the Company aims to release its offering nationwide by the end of 2017. Ready to Jetty? Visit us at www.jetty.com
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