SUNNYVALE – Roost, a leader in Home Telematics for property Insurance carriers, has closed a $10.4 million Series B round.
The new funding includes investments from three Insurance companies led by Aviva Ventures, with participation by Desjardins Insurance and Fosun RZ Capital. Existing investors also participated in the round, bringing Roost’s total funding to date to $17 Million.
The company is also the creator of the Roost Smart Battery and the Roost Smart Water Leak and Freeze Detector solutions.
“As a corporate venture fund, we look for innovative businesses around the world that will shape the future of insurance and we are delighted to be entering the US market with this investment in Roost,” said Aviva Ventures’ Managing Director, Ben Luckett. “Roost has great technology and a strong team. In the UK, we have been offering Roost Smart Batteries to our home insurance customers and I am excited about how this investment supports our ambition to empower our customers to prevent bad things from happening, rather than fixing it when something goes wrong.”
“The launch of our Alert program in March, enabled by Roost’s Smart Water Leak and Freeze Detector, has contributed in driving policyholder engagement and loyalty,” said Boris Collignon, Vice President Strategy, Innovation and Strategic Partnerships for Desjardins Insurance. “Our policyholders can take advantage of this free solution to quickly mitigate water leak situations before damage occurs and to avoid this type of stressful situation as much as possible.”
“We are very excited to have the participation of three major insurers in our latest investment round,” said Roel Peeters, co-founder and CEO of Roost. “This commitment is a strong validation of Roost’s value proposition as a leader in the emerging Home Telematics Insurance segment. The new funding will be used to continue our product development efforts as well as expand new product services for our insurance partners.”
Property Insurance companies are recognizing that affordable smart home solutions which provide early warnings of danger or property damage are key to improving home safety and consumer peace-of-mind. In addition to reducing the cost of fire and water perils, Roost partners are also discovering higher levels of engagement, brand affinity and improvements in customer retention.