Rental insurance startup Jetty raises $25M in Series B
Keith Rabois’ Khosla Ventures led the latest round of funding
The rental insurance startup Jetty has raised $25 million in a Series B funding round led by Khosla Ventures’ Keith Rabois, the company announced Wednesday. The investment brings the company’s total funding to more than $40 million.
Jetty focuses on selling what it characterizes as rental insurance to city dwellers, and it’s in 46 states. Jetty also offers to serve as a guarantor on apartment leases in exchange for 5 to 10 percent of the annual rent and handle security deposits for a 17.5 percent fee. The firm will use the new round of funding to expand its distribution footprint with additional investments in technology and employees.
The company was founded by Michael Rudoy and Luke Cohler, who also founded the design agency Breadhouse. Rabois will join Jetty’s board of directors as part of the new funding round.
Jetty says it has access to more than 500,000 rental units across the country via management partners including LivCor, Beam Living, Griffis, LeFrak, Lynd and Rose Associates. The firm officially launched in April 2017 with $4 million in seed money and raised $11.5 million in a Series A funding round led by Peter Thiel’s Valar Ventures that August.