Jones, a New York City based commercial insurance startup, raised $2.8m in seed funding.
The round was led by Hetz Ventures with participation from JLL Spark, MetaProp Ventures, GroundUp Ventures and 500 Startups.
The company plans to use the funds to launch its first product, a flexible duration General Liability insurance policy this fall in partnership with Chubb Insurance and some marquee distribution partners in the construction and real estate industries.
Led by Omri Stern, CEO and Co-founder, Jones provides real estate owners, managers, and builders with Software-as-a-Service tools and Pay- as-you-go insurance solution to comply with their needs as they hire trade contractors.
With Jones, trade contractors can use their smartphone to obtain a certificate of insurance (COI) that complies with requirements and have it approved by the enterprise, all within minutes. For trades that already have insurance, the service automates the insurance compliance cycle enabling them to approve COIs without the hassle between enterprises and agents.
Jones is currently in beta with some large construction and real estate players including ARCO Construction and JLL.
The company is licensed in 12 states, and has plans to be in 30 states by the end of 2018.