Foxen, a provider of financial technology solutions for the real estate industry, has raised $44m in Series A funding.
The round was led by growth equity investor Summit Partners, with participation from Level Equity.
Foxen’s technology solutions centre on financial wellness, which it defines as “the improvement in the management of finances through technology.”
The solutions are designed to mutually benefit property managers, owners, and their residents. The company said its products were born of a market need for accountability and compliance in insurance coverage across the multifamily real estate market.
Foxen said rental housing provides homes to more than a third of US households, and while most multi-family property managers require renters insurance, compliance of this requirement is often not managed. 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.
Foxen’s proprietary software solution is designed to integrate with leading property management systems to provide real time access to property and resident compliance data, with automated enrollment in Foxen’s insurance solution for residents who incur lapsed or cancelled third-party coverage.
Foxen said it will use the funding to accelerate development of its expanding product portfolio and fuel hiring across the organisation.
Jay Harkrider, managing partner and co-founder of Foxen, said, “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.”
CertifID, which helps prevent wire fraud in real estate deals, reportedly collected $12.5min its Series A funding round earlier this month.
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