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INTERNET | Internet Software & Services / Compliance
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Founded Year

2016

Stage

Series A | Alive

Total Raised

$20.3M

Last Raised

$12.5M | 6 mos ago

Mosaic Score

+10 points in the past 30 days

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The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

About Jones

Jones automates the insurance compliance process and provides contractors with Pay-As-You-Go insurance so they can comply on the spot. The company is helping independent contractors across the US to overcome the liability insurance hurdle, bid for any project, and cut their business expenses.

Jones Headquarter Location

205 Hudson St

New York, New York, 10013,

United States

844-408-8460

Latest Jones News

JLL, Khosla lead Jones’ $12.5M Series A for real estate vendor compliance

Jul 20, 2021

Image Credits: Jones Commercial real estate tenants and property managers have to abide by strict liability rules that any vendor entering the property must have insurance certificates and meet other requirements. The approval process for this currently can take days and is still largely done on paper. Enter Jones . The New York-based commercial real estate startup is curating a marketplace of pre-approved vendors for tenants and property managers to find and hire the people they need in a compliant way. To continue advancing its network, the company announced Monday it raised $12.5 million in Series A funding led by JLL Spark and Khosla Ventures that also included strategic investors Camber Creek, Rudin Management, DivcoWest and Sage Realty. This new investment brings Jones’ total raised to $20 million, according to Crunchbase data . Jones, founded in 2017, also manages certifications and approvals, moving the whole process online. Its technology can process an insurance certificate in less than an hour and reduce the overall vendor approval time to 2.5 days — from 12 days — with 99.9% accuracy, co-founder and CEO Omri Stern told TechCrunch. The accuracy portion is key. With much of the work being done by hand, current accuracy is at about 30%, he added. In addition, the certifications are lengthy, and it is typically up to property managers to parse through the insurance documents to identify what is missing rather than spending time with tenants. “In the consumer world, a homeowner expects to go on a marketplace and find a service and hire them,” Stern said. “Office managers and tenants can’t get their preferred vendors through the approval process, so we want to provide a similar digital experience that they can consume and use in real estate.” He says Jones’ differentiator from competitors is that all of the stakeholders are in place: a group of high-profile real estate customers, including Lincoln Property Co., Prologis, DivcoWest, Rudin Management, Sage Realty and JLL. Yishai Lerner, co-CEO of JLL Spark, agrees, telling TechCrunch that commercial real estate is one of the largest and last asset classes that is undergoing a technology transformation, similar to what fintech was 20 years ago. He estimates the U.S. market to be $16 trillion, of which technology could unlock a lot of the value. That opportunity was one of the drivers for JLL to create JLL Spark, where Jones is one of the first investments. Though Lerner spent time with property management teams on the ground, he became up close and personal with the problem when his wife, while moving offices, found out her vendors were not allowed in the building because they didn’t have the right insurance. “We learned that property managers spend half of their time just working to verify the compliance of vendors coming into their building,” Lerner said. “We wondered why there wasn’t technology for this. Jones was doing construction at the time, and we brought them into commercial real estate because they had an example of how technology could solve the problem.” Meanwhile, the Series A comes at a time when Stern is seeing Jones’s SaaS tool take off in the past 10 months. He would not get specific with growth metrics, but did say that what is driving growth is “competing against the status quo” as companies are searching for and adapting workflow solutions. The company intends to use the new funds on product development in both quicker and easier approvals and bringing on new vendors. Jones already works with tens of thousands of vendors. It will also focus on integration, offering an API that could be used in other industry verticals where compliance is necessary. Stern would also like to continue building the team. Having brought in real estate experts, he is now also looking for people with backgrounds in fintech, cybersecurity and insurtech to bring in additional perspectives. “We are building an incredible company with the opportunity to be the next big digital marketplace,” he added.

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Research containing Jones

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CB Insights Intelligence Analysts have mentioned Jones in 1 CB Insights research brief, most recently on Jul 11, 2019.

Expert Collections containing Jones

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Jones is included in 5 Expert Collections, including HR Tech.

H

HR Tech

3,970 items

HR tech startups are helping companies manage critical pain points in HR processes such as recruitment, automation, career development, compensation, and benefits management, through a mix of software and services.

R

Real Estate Tech

2,221 items

Startups in the space cover the residential and commercial real estate space with a focus on consumers. Categories include buying, selling and investing in real estate (iBuyers, marketplaces, investment/crowdfunding platforms), and also tenant experience, property management, et

R

Regtech

1,341 items

Technology that addresses regulatory challenges and facilitates the delivery of compliance requirements in FIs. Regulatory technology helps FIs and regulators address challenges ranging from traditional compliance and risk management to data reporting and transmission.

I

Insurtech

1,854 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

F

Fintech

7,256 items

US-based companies

Jones Patents

Jones has filed 36 patents.

The 3 most popular patent topics include:

  • Electric power distribution
  • Electrical engineering
  • Electrical safety
patents chart

Application Date

Grant Date

Title

Related Topics

Status

3/20/2020

8/17/2021

House types, Honeycombs (geometry), Physical oceanography, House styles, Surveyor program (NASA)

Grant

Application Date

3/20/2020

Grant Date

8/17/2021

Title

Related Topics

House types, Honeycombs (geometry), Physical oceanography, House styles, Surveyor program (NASA)

Status

Grant

Jones Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
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