Cozy successfully completed an $8.45M financing round aimed at strategically growing existing teams and funding product innovations. Cozy is a nationally available rental property management service currently covering 100,000 properties in 11,500 Zip Codes.
The company reported 900% growth in 2015 and thus far this year’s revenue has tripled. The substantial growth meant Cozy stood poised for strategic expansion and product development. The financial capital will allow Cozy to meet growing needs of property managers and landlords.
“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.
Plans are in place to unroll two new services aimed at renters this fall. More features are planned to assist property managers juggling a large number of rental 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.