American insurtech startup Jetty has raised $25m in a series B funding round led by Keith Rabois of Khosla Ventures.
The funding round was also joined by the startup’s existing investors, including Valar Ventures and Ribbit Capital.
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Jetty provides low-cost insurance for renters that protect them from problems ranging from bedbug infestations to electronic damages.
The New York-based company also delivers deposit insurance along with lease guarantor services. It competes with insurtech startups such as Lemonade and insurers like State Farm and Geico.
As part of the investment, Khosla Ventures managing director Keith Rabois will join the Jetty’s board of directors.
The latest investment brings the fintech company’s total funding to over $40m.
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By GlobalDataThe renters insurance startup is planning to use the fund to expand its real estate distribution footprint.
Rabois said: “As growing metropolitan areas struggle to build enough housing supply, no financial services have helped mitigate the impact to consumers.
“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 US.”
Jetty property management partners include LivCor, Beam Living, Griffis, LeFrak, Lynd, and Rose Associates, among others. Collectively, they cover more than 500,000 rental units across the US.
