New York-based InsurTech startup Jetty has picked up $4m in Seed funding to serve city-dwelling consumers.
The investment comes from Ribbit Capital, Box Group, Social Capital, SV Angel, Red Swan, MetaProp NYC and Solon Mack Capital.
The company aims to help users get into the apartments they want and protect them and their belongings once they’ve moved in.
Alongside traditional insurance products Jetty offers services tailored to apartment renters such as helping them get away from the need to post a security deposit or find a guarantor.
The company is partnered with German reinsurance giant Munich Re to provide financial support for its products.
These include personal property coverage, reimbursement for injuries to others or damage to their property, reimbursement for alternate accommodations and reimbursement for medical expenses incurred by others.
Jetty CEO and co-founder Michael Rudoy said: “It’s a pretty common trope these days that property & casualty insurance, a $550 billion industry, is trapped in a bygone era.
“But what really hit home for us was the way in which the industry has totally failed to meet the demands of a very specific and underserved audience — modern urban consumers, who have different expectations, requirements and needs as compared to other generations.
“Our vision is to create an insurance brand perfectly tailored to this demographic, spanning numerous product lines and challenging traditional divisions between insurance providers as regards their product portfolios.”
Copyright © 2017 FINTECH GLOBAL