Rent Reporting Pioneer RentTrack® Closes Series A, Announces Strategic Collaboration with Farmers Insurance®
Alliance between RentTrack and Farmers® paves the way for innovative new real estate, financial services, and insurance products
SANTA BARBARA, California. Nov. 19, 2018 — RentTrack, the leading provider of rental payments and rent reporting, announced today it has completed a Series A round of financing for U.S. investment, led by Farmers Insurance Exchange. In addition to Farmers, the round also includes an investment from existing investor Yabeo.
CEO and Co-Founder of RentTrack Matthew Briggs said, “We are very excited to close this Series A round as it builds on an exceptional year at RentTrack which saw a rapidly growing roster of clients, technical innovation, and market traction. The investment will be used to scale our team, fund our continued company growth strategy, and cement our strategic relationship with Farmers. With strategic affiliations with organizations like Farmers and Yabeo, RentTrack has gained a key advantage, paving the way for us to reach millions more renters.”
RentTrack pioneered the reporting of rental data to all three major credit bureaus and has now emerged as the industry leader in the rapidly growing online rental payment and rent reporting industry. By accurately reporting rent payments to Experian, Equifax, and TransUnion, RentTrack aims to level the credit playing field for renters by providing an advantage that, until now, has only been given to homeowners.
“We’ve been able to innovate in online rent payments and wake up a sleepy industry,” said Darryl Eaton, CTO and Co-Founder of RentTrack. “With this capital, we look forward to bringing many new revolutionary products to market that will transform the way rent is paid and reported online.”
This investment builds upon a strategic collaboration between RentTrack and Farmers and demonstrates their mutual commitment to serving the growing demographic of long-term renters. Farmers recently introduced an innovative new brand called Toggle℠, currently available in Illinois and Wisconsin, which provides a fully-digital and customizable insurance product, with flexible coverage for renters. The Toggle renters insurance product includes optional features designed to appeal to the rental demographic, such as Pet Parent℠ and Side Hustle℠ coverages. Toggle users will also have the opportunity to “toggle on” Credit Lift℠ powered by RentTrack, a non-insurance feature that will help them get the credit they deserve for on-time rent payments.
“Our affiliation with RentTrack continues our strategy to expand our collaboration with startups that can provide us with unique advantages in the insurance supply chain,” said Scott Lindquist, chief financial officer of Farmers Group, Inc. “In particular, our exclusive access to Credit Lift℠ further distinguishes our new Toggle brand from other marketplace offerings.”
In addition to their contribution during a previous round, existing investor Yabeo has increased their position in this Series A round. Yabeo is a German venture capital firm specializing in Fintech, Healthtech, and DeepTech.
Gerrit Seidel, Managing Director of Yabeo, said “RentTrack is the leading innovator in rental payment and value added services with unique benefits for both the renter and the property manager. Its cutting edge technology platform supporting three languages has potential to scale also in other international markets.”
Press Enquiries RentTrack:
Megan Eales Monroe, Digital Marketing Manager
Press Enquiries Farmers Insurance/Toggle
RentTrack believes that every renter deserves credit for paying one of their largest monthly expenditures on-time, every time. As the first rent reporter to build relationships with all three major credit bureaus, RentTrack paved the way to make rent reporting the norm on every tenant's credit history—empowering them to make their financial goals a reality. RentTrack believes strongly in protecting customers' data, and demonstrates a commitment to rigorous compliance as well as industry-leading security measures.
About Farmers Insurance
“Farmers Insurance®” and “Farmers®” are tradenames for a group of affiliated insurers providing insurance for automobiles, homes and small businesses and a wide range of other insurance and financial services and products. Farmers Insurance is proud to serve more than 10 million households with over 19 million individual policies nationally, through the efforts of more than 48,000 exclusive and independent agents and approximately 21,000 employees. Farmers Insurance Exchange, the largest of the three primary insurance insurers that make up Farmers Insurance, is recognized as one of the largest U.S. companies on the 2018 Fortune 500 list.
Toggle is a millennially focused brand, providing digital renters insurance designed to fit the needs of this growing segment in the renters insurance marketplace. By offering a fully digital insurance subscription service, Toggle re-imagines the insurance buying journey to provide members with simple, affordable and highly customizable solutions to fit their lifestyles. Toggle is backed by the 90-year-old insurer Farmers Insurance®. For more information visit gettoggle.com.
Toggle is a brand name of Farmers®. Insurance is underwritten by 21st Century Assurance Company, a member of the Farmers Insurance Group of Companies®. Coverage is currently only available in Illinois and Wisconsin. Policy issuance is subject to underwriting review and approval. Whether a specific loss is covered depends on the coverage purchased and the specific facts, policy exclusions and conditions, and the limits of insurance purchased.
Yabeo focuses on companies who are early and later stage by showing their first growth potential and have three things in common: Ideas, that will change the market, an enormous potential to develop something smart and disruptive, as well as passionate management teams. Yabeo’s main object as a venture capitalist is to help and support young companies to reach stable growth and a strong market positioning. Yabeo supports the portfolio companies in an active manner by using long lasting management experience and far reaching networks to gain sustainable success and scalable businesses. Yabeo integrates co-investors like family offices and private investors in their investments. Yabeo is based in Munich (Germany) and focuses on innovative FinTech, Health Tech, and Deep Tech companies.