Roost receives US$10.4 million investment from three insurers

Desjardins Insurance, Aviva Ventures and Fosun RZ Capital have invested $10.4 million in Roost, a home telematics company based in California.

This Series B venture capital investment brings Roost’s total funding received to date to US$17 million. Roost specializes in home telematics for property insurers and offers products that include the Roost Smart Battery, the Roost Smart Water Leak and Roost Freeze Detector. The solutions provide homeowners with early warning of potential property damage .

Related: Desjardins launches a new water damage prevention program

Desjardins Insurance has partnered with Roost previously on the Smart Water Leak and Freeze Detector. “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. 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,” says Boris Collignon, vice president of strategy, innovation and strategic partnerships at Desjardins Insurance, in a press release.

The involvement of Desjardins connects the tech company to Canada. “We are very excited to have the participation of three major insurers in our latest investment round. The new funding will be used to continue our product development efforts as well as expand new product services for our insurance partners,” says Roel Peeters, co-founder and CEO of Roost, in the release.

This story was originally published by Canadian Insurance Top Broker.