Jones, an insurance platform for real estate professionals, has received $2.8m in its seed round of funding.
Hetz Ventures led the investment, with participation also coming from JLL Spark, MetaProp Ventures, GroundUp Ventures and 500 Startups.
New York-based Jones is an insurance platform designed to help property managers and construction companies get ease insurance policy acquisition. The platform gives constructors access pay-as-you-go insurance products through this smartphones.
For builds which already have insurance, the platform is able to automate any compliance cycles to help ease COI approvals.
Jones is in its beta phase and is being used by a select few construction and real estate players including ARCO Construction and JLL. The company is currently licensed in 12 US states and is hoping to expand to 30 by the end of the year.
With this capital injection, the company hopes to launch its first product, which is a general liability insurance policy which is in partnership with Chubb Insurance and a number of distribution partners in real estate and construction. An autumn release has been scheduled for the service.
Hetz Ventures managing partner Judah Taub said, “Jones is rewriting the rules of construction insurance. Rather than simply using traditional parameters to assess the risk, the company’s data-driven approach picks up on small signals and inefficiencies to revolutionize an industry that hasn’t changed in decades.
“We were instantly attracted by the team, its fresh thinking and the long term vision of becoming the construction go-to-insurance provider.”
JLL Spark made its investment through its newly launched JLL Spark Global Venture Fund, which is a $100m vehicle focused on the real estate technology space.
This is the second time the firm has tapped the vehicle for a FinTech investment this week, having recently backed real estate transaction management platform Dealpath.
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