Total amount raised
$121.3 Millions
Latest funding date
09/01/2021
Location
Jetty has successfully raised funds through multiple rounds, with its latest funding type being a Convertible Note closed on September 7, 2021. The company has attracted 28 investors, including notable names like Citi and CE Innovation Capital.
Jetty offers a range of financial products aimed at making renting more affordable for tenants and more profitable for property managers. Keep reading to explore the intricacies of Jetty's fundraising journey and the investors backing this innovative platform.
What Is Jetty?
Jetty, founded on January 5, 2016, is a financial services company based in New York, New York. The company was established by Luke Cohler and Michael Rudoy.
Operating within the consumer software, financial services, FinTech, insurance, property insurance, and PropTech industries, Jetty aims to simplify the leasing process and improve conversion rates. The company employs between 101 and 250 people.
Jetty offers products such as security deposit replacements, renters insurance, and credit-building services, making renting more affordable for tenants and more profitable for property managers. Their services are available in over two million rental units across the United States.
How Much Funding Has Jetty Raised?
- Seed Round
- Amount Raised: $4M
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Jetty's real estate insurance platform.
- Series A
- Amount Raised: $11.5M
- Date: July 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Jetty's product offerings and increase market reach.
- Series B
- Amount Raised: $31.8M
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series B
- Amount Raised: $51M
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand product offerings and market presence.
- Convertible Note
- Amount Raised: $23M
- Date: September 2021
- Lead Investors: Citi, Flourish Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Jetty’s mission to provide renters with more payment flexibility and to expand its product offerings.
Total Amount Raised: $121.3M
Current Valuation: Not publicly disclosed
Key Investors
- Citi
- Details: Citi is a leading global bank with approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
- Investment Focus Areas: Financial services, technology, real estate
- Notable Investments: Betterment, Square, Plaid
- Flourish Ventures
- Details: Flourish Ventures is a global venture capital firm investing in entrepreneurs whose innovations help people achieve financial health and prosperity.
- Investment Focus Areas: Fintech, financial inclusion, digital banking
- Notable Investments: Chime, Aspiration, Tala
- Credit Ease
- Details: Credit Ease is a Chinese fintech conglomerate specializing in inclusive finance and wealth management.
- Investment Focus Areas: Inclusive finance, wealth management, fintech
- Notable Investments: Investments in various fintech companies and wealth management solutions
- K5
- Details: K5 is a venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies, innovative solutions
- Notable Investments: Investments in early-stage tech startups with innovative solutions
- Farmers Insurance Group
- Details: Farmers Insurance Group is a leading U.S. insurer of automobiles, homes, and small businesses.
- Investment Focus Areas: Insurance, financial services, risk management
- Notable Investments: Investments in various insurance and financial services companies
What's Next for Jetty?
Jetty's future looks promising as it continues to expand its product offerings, particularly with the introduction of flexible rent payments. This new model, akin to "buy now, pay later," allows renters to manage their payments more effectively, potentially increasing Jetty's market reach. With agreements covering over 2.2 million rental units, the opportunity for growth is substantial.
As Jetty scales, future fundraising rounds are likely, driven by the need to enhance their technology and expand their services. The company may attract more investors by showcasing its growth and success in new product lines. However, challenges such as competition from other fintech and proptech companies and regulatory compliance will need to be navigated carefully.
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