Foxen, a real estate-focused financial technology startup, today announced raising a $44 million Series A led by Summit Partners, according to a press release.
The company says it will use the funding to accelerate development of its product portfolio, to fuel doubling its team size over the next year and to expand its offerings across the more than 24 million multifamily units in the U.S.
Founded in 2018, Foxen has grown its units monitored volume more than 240% in the past 12 months. It also recently launched Rentistry, a rent reporting and credit building program that is intended to positively impact residents credit scores and provide operators with a new rent collection tool.
“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,” stated Jay Harkrider, co-founder and Managing Partner of Foxen, in the release.
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,” Harkrider said.
In addition the company’s core products provide property managers, owners and residents a list of financial and insurance tools, including compliance management, an enrollment safety net and embedded solution that maximizes renter’s insurance participation.
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The funding round also included participation from Level Equity, according to the release.
“We believe there is a need for smarter FinTech solutions in the multifamily real estate industry. We expect our investment in Foxen to accelerate their release of solutions that continue to create new efficiencies in this space. We’re excited to partner with the team for this new phase of growth,” said Ben Levin, co-Founder and CEO of Level Equity.
In other recent proptech news, Setpoint announced emerging from stealth with its real estate transaction platform and securing $615 million in debt capital. Managed App also raised $5.3 million for its automated rental payment system.