Jones lands $15 million Series B to drive automation in construction insurance
Jones lands $15 million Series B to drive automation in construction insurance
With growing demand for automated risk solutions, the startup has raised capital to scale its platform in the US.
Israeli startup Jones, which provides an insurance risk management system for the real estate and construction sectors, has raised a $15 million Series B funding round led by NewSpring Capital, a growth equity firm managing $3.5 billion in capital with over 250 platform investments, via the firm’s dedicated growth and expansion strategy, NewSpring Growth. The round also saw continued participation from major existing investors, including Hetz Ventures, Camber Creek, Khosla Ventures, JLL Spark, DivcoWest Ventures, Rudin Ventures, and Ground Up Ventures. In total, Jones has raised approximately $40 million since its inception.
Founded in 2017 by Omri Stern and Michael Rudman, a Talpiot graduate, Jones currently employs 200 people across its Tel Aviv and New York offices. The AI-driven vertical software company helps real estate and construction clients to accelerate the collection of insurance certificates (COIs), endorsements, and policies, verify compliance with precision, and integrate bi-directionally with key ERP systems. According to the company, it has scaled to over 2.5 billion square feet of real estate properties and construction projects across the United States.
Jones' clients include companies such as WeWork, JP Morgan, and JLL Spark, as well as landmark buildings like Rockefeller Center, the Empire State Building, the Transamerica Building, Grand Central Station, and Chelsea Market in New York.
In the U.S., building managers and real estate companies face daily challenges managing the risk posed by suppliers and subcontractors, who are required to present insurance certificates to perform work. The manual process is cumbersome and resource-intensive, creating complexities and inefficiencies. Jones' platform is revolutionizing the process by fully automating it.
“The insurance markets have been reeling from economic pressures and are one of the biggest challenges facing real estate and construction, whether it’s from headwinds in origination or the lack of digitization,” said Omri Stern, CEO of Jones.
