Farmers Insurance Group has deepened its relationship with Jetty via an equity investment in the fintech company, designed to further enhance Jetty’s existing products and to support the development of new fintech solutions.
The investment comes roughly seven months after it was revealed that Toggle Insurance, a subsidiary of Farmers Insurance, had reached an agreement to become the exclusive reinsurance provider for all new policies written under Jetty’s core products.
Following this equity investment, Farmers takes a minority stake in the fintech entity, and joins a high-profile portfolio of existing investors, including Ribbit Capital, Valar and Khosla Ventures.
Stephanie Lloyd, head of New Ventures for Farmers and president of the Toggle brand, commented: “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.
“Jetty has big and exciting plans for the future, and the investment will help the company reach its goals more quickly.”
Mike Rudoy, Co-Founder and Chief Executive Officer (CEO) of Jetty, added: “This new equity investment is a real vote of confidence in both our existing business and our vision for the future.
“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.”