Private investment firm Level Equity also joined the round.
Foxen plans to use the proceeds to ramp up the development of its products and expand staff headcount.
The startup intends to double its size over the coming 12 months. This will create new jobs in Columbus, Ohio, and Santa Barbara, California in the US.
Its solutions are said to mutually benefit property owners, managers, and their residents.
Foxen managing partner and co-founder Jay Harkrider said: “At Foxen, we’ve leveraged years of industry experience to build a technology platform that provides a convenient, affordable rental insurance alternative that simultaneously enables properties to achieve 100% compliance, creating a better experience for both residents and landlords.
“With the backing and resources of Summit Partners and Level Equity, we are poised to accelerate the expansion of this platform with new products that deliver on our vision of improving financial wellness through real estate.”
With the fresh infusion, Foxen aims to tap a total addressable market of over 24 million multifamily units in the US.
Summit Partners Managing Director Colin Mistele said: “With intuitive products that are designed to be easily adopted, seamlessly integrated and quickly revenue generating, Foxen applies a fresh approach to complex processes in the real estate, insurance, and financial categories.
“Foxen’s approach has resonated with customers, helping the team to bootstrap the business as it has grown to serve property managers on a national scale.”
Earlier this year, Foxen unveiled a rent reporting and credit building programme, called , Rentistry, designed to support residents via credit score improvements.