Foxen closes $44m Series A round to fund revolutionary FinTech solutions in real estate
Summary
Only about 57% of tenants carry an insurance policy, exposing renters to risk due to common incidents and leaving building owners susceptible to damage to the unit or property.As a property owner, I learned firsthand that requiring renters insurance is ineffective without the ability to manage compliance, said Jay Harkrider, Managing Partner and Co-Founder of Foxen. 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.Foxens proprietary software solution seamlessly integrates with leading property management systems to provide real-time access to property and resident compliance data, with automated enrollment in Foxens insurance solution for residents who incur lapsed or cancelled third-party coverage. Foxens 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.This funding comes at a point of strategic inflexion for Foxen, as the company seeks to scale its team and operations to support new product growth. Foxen plans to double in size over the next twelve months, bringing new jobs to its operations in Columbus, Ohio, and Santa Barbara, California.We believe there is a need for smarter FinTech solutions in the multi-family real estate industry, said Ben Levin, Co-Founder and CEO of Level Equity.