Jetty, the fintech company on a mission to make renting a home more affordable and effortless for everyone, today announced an equity investment from Farmers Insurance. The investment follows a deal with Farmers Insurance® that was announced in June 2020, which saw Toggle Insurance Company, a Farmers® company, becoming the exclusive reinsurance provider for all new policies written under Jetty's core products: Jetty Deposit and Jetty Renters Insurance.
The investment, which sees Farmers take a minority stake in Jetty, will be used to further enhance Jetty's existing products, as well as support the development of new fintech solutions.
"We were initially drawn to Jetty by the strength of their brand and their innovate approach to fintech in the real estate vertical, and these initial perceptions have been borne out in the six months that we've worked together," said Stephanie Lloyd, head of New Ventures for Farmers and president of the Toggle brand. "Jetty has big and exciting plans for the future, and the investment will help the company reach its goals more quickly."
Farmers Insurance joins a high-profile portfolio of existing Jetty investors, including Ribbit Capital, Valar and Khosla Ventures.
"This new equity investment is a real vote of confidence in both our existing business and our vision for the future," said Mike Rudoy, Co-Founder and CEO of Jetty. "We've had a very positive and collaborative relationship with the Farmers and Toggle teams since we announced our reinsurance deal, and this equity investment will further deepen our relationship."
Jetty works with top property managers across the country to increase lease conversion rates, reduce bad debt, and streamline operations—thereby increasing net operating income. Partners include Greystar, LivCor, Related, Pinnacle, MG Properties, Cortland, Trammell Crow, Griffis Residential, and many more, representing more than one million units nationwide. Jetty's products are written on 'A' rated paper, and are admitted in 49 U.S. states and D.C.
ABOUT JETTY
Jetty is on a mission to make renting a home more affordable and effortless for everyone. As a fintech company, Jetty's solution helps property managers increase lease conversion, reduce bad debt, and streamline operations. For the renter, Jetty lowers the barrier to entry, saving residents thousands of dollars on move-in costs. To learn more about Jetty, visit www.jetty.com.
ABOUT FARMERS INSURANCE
"Farmers Insurance Group®," "Farmers Insurance®" and "Farmers®" are tradenames for a group of insurers providing insurance for automobiles, homes and small businesses and a wide range of other insurance and financial services products. Farmers Insurance is proud to serve more than 5 million households with over 15 million individual policies nationally, through the efforts of more than 45,000 exclusive and independent agents and approximately 19,000 employees. Farmers Insurance Exchange, the largest of the three primary insurers that make up Farmers Insurance, is recognized as one of the largest U.S. companies on the 2020 Fortune 500 list.
For more information about Farmers Insurance, visit Farmers.com, Twitter and Instagram, @WeAreFarmers, or Facebook.com/FarmersInsurance.
ABOUT TOGGLE
Toggle® is the brand for innovative insurance products and services underwritten by Toggle Insurance Company (formerly known as 21st Century Assurance Company) or 21st Century Premier Insurance Company, part of the Farmers Insurance Group®. Toggle provides coverage to consumers in Arizona, Arkansas, California, Colorado, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Wisconsin, with plans to expand coverage to more states. For more information about Toggle, visit www.gettoggle.com, Instagram, @gettoggle, or facebook.com/gettoggle.
