Fintech company Jetty has received an equity investment from Farmers Insurance. The investment follows a June 2020 deal with Farmers Insurance, 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. Partners include Greystar, LivCor, Related, Pinnacle, MG Properties, Cortland, Trammell Crow, and Griffis Residential, 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 Washington, D.C.
