Foxen raises $44 million
Foxen, a company looking to bring compliance to renters insurance, has raised $44 million in Series A funding led by Summit Partners, with participation from Level Equity.
Founded in 2018, the Columbus-based company says that while most multi-family property managers require renters insurance, compliance of this requirement is often not managed and only about 57% of tenants carry an insurance policy. To solve this problem, Foxen offers landlords and property managers insurance monitoring and a waiver program that kicks in when a renters insurance policy is expired or not present. Tenants can avoid the enrollment in the waiver program, which waives their obligation to reimburse landlords, by submitting proof of insurance.
The service is free to landlords and can be customized to provide “revenue generation to both the property and the management company.”
“As a property owner, I learned firsthand that requiring renters insurance is ineffective without the ability to manage compliance. At Foxen, we’ve leveraged years of industry experience to build a technology platform that provides a convenient, affordable rental insurance alternative that simultaneously enables properties to achieve 100% compliance, creating a better experience for both residents and landlords. With the backing and resources of Summit Partners and Level Equity, we are poised to accelerate the expansion of this platform with new products that deliver on our vision of improving financial wellness through real estate.” – Jay Harkrider, managing partner and co-founder of Foxen.
“With intuitive products that are designed to be easily adopted, seamlessly integrated and quickly revenue generating, Foxen applies a fresh approach to complex processes in the real estate, insurance, and financial categories. Foxen’s approach has resonated with customers, helping the team to bootstrap the business as it has grown to serve property managers on a national scale. We believe this deeply experienced team has a significant opportunity to build on that momentum as they continue to develop and launch innovative products to benefit property owners and residents alike.” – Colin Mistele, managing director at Summit Partners.