Portland, Ore. — August 30, 2016 — Cozy, the company that makes renting easy for everyone, announced the completion of an $8.45M financing round led by American Family Ventures. All of Cozy’s Series A investors also participated in the round, including Social Capital and General Catalyst.
“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. We have total strategic alignment with the team at AmFam, and we’re excited to be working with them,” says Gino Zahnd, CEO and co-founder of Cozy.
Cozy’s latest financing with be used to build out strategic areas of the company, grow its existing teams, and fuel product development, including new features designed to meet the needs of a growing market of property managers and landlords with a large number of units. In addition, Cozy will introduce two new services for renters this fall.
“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.”
Renting has always been fragmented, unsecure, and unnecessarily complex—even though it affects nearly everyone at some point in their lives. Since it was founded in 2012, Cozy has been on a mission to change the way renting works for millions of people.
Today a diverse population of landlords and property managers use Cozy to create property listings, accept applications, screen tenants, and collect rent. Cozy renters avoid the hassle of paying rent with paper checks, while building their payment histories and creating renter profiles they can take with them, no matter where they go.
To date, a quarter million landlords, property managers, and renters use Cozy, and there are more than 100,000 Cozy-managed properties in 11,500 ZIP codes. In January 2015, Cozy hit a key inflection point, and the company grew more than 900% last year. In 2016, Cozy has already tripled revenue.
“Before Cozy, there simply wasn’t a service around which an independent landlord or small property manager could run their businesses,” Zahnd says. “It took time, patience, a ton of strategic groundwork, and dogged resilience, but now the market is there. We’re seeing new ways to unlock value that we could only imagine a few years ago.”
To learn more about Cozy, please visit www.cozy.co.
Cozy is on a mission to bring peace of mind to renters, property managers, and landlords everywhere. Renting has always been fragmented, unsecure, and unnecessarily complex—even though it affects nearly everyone at some point in their lives. We’re is changing the way renting works by making the process simple, secure, and intuitive. Cozy was founded in March 2012 in San Francisco, and we’re located in Portland, Oregon. We’re available in all 50 states plus Puerto Rico, and there are Cozy properties in thousands of cities around the country.