Rental property management service Cozy has just landed $8.45 million in Series B funding, and will use the cash to strategically grow its existing teams while funding more innovation with its products. The service is already available nationwide, and covers some 100,000 properties in 11,500 ZIP codes.
It’s not hard to see why Cozy has attracted such a significant lump sum. During 2015 the company reported growth of 900 percent, and has so far tripled its revenues in 2016. That’s left Cozy poised for strategic expansion, and the company says the fresh capital will help it to meet the growing needs of landlords and property managers.
“This capital is the next step in our mission to build the industry standard end-to-end service for independent landlords, property managers, and renters,” says Gino Zahnd, CEO and co-founder of Cozy.
Cozy says it plans to unroll two new services for renters later this year, while new features will be introduced that should assist property managers who have to juggle a large number of units.
American Family Ventures led the capital campaign, which included Cozy’s Series A investors, such as the Social Capital Partnership and General Catalyst Partners.
“The venture capital investments we make at American Family Insurance help us serve our policyholders while making a financial return, and our investment in Cozy reinforces our commitment to customer-centric innovation,” says Dan Reed, managing director at American Family Ventures. “We believe ‘incidental channels’ are a major insurance trend, in which a company has a product that delivers value independently of insurance, but can also offer insurance products as a result of the relationship they build with their customers. Cozy’s platform is dedicated to providing an experience that is modern, convenient, and trustworthy, and is perfectly positioned to deliver on this ‘incidental channel’ trend.”
Zahnd said of the partnership that the Cozy team is excited to work with American Family and feels the companies are in strategic alignment.
Cozy’s mission is to make the rental process less complex. Property managers and landlords Cozy to generate listings, track applications, screen tenants and collect rent. Renters build easily transferable profiles and can make payments online.