Jetty Announces Equity Investment from Wilshire Lane Capital and Morgan Properties

Investment further strengthens Jetty's partnership with leading property owner / manager

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Feb 16, 2022, 12:00 ET

NEW YORK, Feb. 16, 2022 /PRNewswire/ -- Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced a multi-million dollar investment from Wilshire Lane Capital, a new PropTech-focused fund which is anchored by Morgan Properties, the second largest owner of multifamily housing in the U.S*.

Jetty has had a commercial relationship with Morgan Properties since 2020 and the company's Senior Vice President of Financial Planning and Business Development, Todd Richman, recently joined Jetty's Real Estate Advisory Board.

"In addition to joining Wilshire Lane's growing portfolio of exciting investments, we're thrilled to further our relationship with Morgan Properties and work even closer with them on current and future products," said Mike Rudoy, Jetty's Co-Founder and Chief Executive Officer.

Wilshire Lane and Morgan Properties formalized their strategic partnership in January 2022. With Morgan as their anchor investor, Wilshire Lane can leverage their vetting process and identify companies that have proven themselves in market.

"With its best-in-class deposit alternative product and an exciting new flexible rent payment program, Jetty is exactly the type of nimble, high-growth company we're looking to invest in," said Adam Demuyakor, Founder and Managing Partner at Wilshire Lane. "Jetty's network of the country's largest property management companies gives them a special opportunity to become a leading financial services platform in the multifamily technology industry."

Wilshire Lane Capital and Morgan Properties join a high-profile portfolio of existing Jetty investors, including Khosla Ventures, Ribbit Capital, Valar, Citi, and Flourish Ventures.

* Source: NMHC

About Jetty
Jetty is the financial services platform on a mission to make renting a home more affordable and flexible. Jetty's integrated suite of products helps property managers increase lease conversions, improve resident retention, reduce bad debt, and boost NOI. For renters, Jetty decreases the financial burden of moving into a new home and offers greater flexibility with how and when to pay rent. To learn more about Jetty, visit jetty.com.

About Wilshire Lane Capital
Wilshire Lane Capital ("WLC") is an early-stage venture capital firm investing at the nexus of real estate and technology ("PropTech"). As a go-to strategic partner for PropTech startups, WLC provides real estate value-add by leveraging deep industry connections and knowledge. For innovative real estate landlords and investors, WLC provides access to best-in-class technology solutions to improve real estate asset profitability.

About Morgan Properties:
Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates currently own and manage a multifamily portfolio comprised of over 350 apartment communities and 95,000 units located in 20 states, primarily in the Mid-Atlantic and the Northeast Region. The Company is the nation's largest private multifamily owner and the second largest apartment owner in the country. Morgan Properties is the largest multifamily owner in Pennsylvania, Maryland, and New York. With over 2,600 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships and proven operational expertise.

Contact
Jetty
Alex Vlasto
[email protected]

SOURCE Jetty