Foxen, a market leader in financial technology solutions for the real estate industry, received a $44 million Series A financing round led by growth equity investor Summit Partners, with participation from Level Equity. Foxen will use the funding to accelerate development of its expanding product portfolio and fuel hiring across the organization.
Foxen’s technology solutions center on financial wellness – the improvement in the management of finances through technology – and are designed to mutually benefit property managers, owners, and their residents.
“As a property owner, I learned firsthand that requiring renters insurance is ineffective without the ability to manage compliance," said Jay Harkrider, Managing Partner and Co-Founder of Foxen. "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.”
Foxen has grown rapidly since its founding in 2018; over the last twelve months, Foxen grew units monitored by more than 240%. This capital provides Foxen an opportunity to expand into a total addressable market of more than 24 million multifamily units in the U.S. alone.
This funding comes at a point of strategic inflection for Foxen, as the company seeks to scale its team and operations to support new product growth. In 2022, Foxen launched Rentistry, a rent reporting and credit building program that aims to positively impact residents through credit score improvements while creating value for the properties that offer it as a powerful rent collection tool. Foxen plans to double in size over the next twelve months, bringing new jobs to its operations in Columbus, Ohio, and Santa Barbara, California.