EXCLUSIVE: Janover Insurance Achieves Profitability In 2 Months, Boosts ARR By 5%
Janover Inc (NASDAQ:JNVR) provided an update on its insurtech subsidiary Janover Insurance Group (“Janover Insurance”) for commercial property insurance and other products.
The Company officially launched Janover Insurance in March 2024 and has achieved profitability in May 2024.
Janover Insurance’s monthly recurring revenue for May increased by more than 60% month over month compared to April 2024.
Also Read: EXCLUSIVE: Janover’s Groundbreaker Achieves Profitability with 700% Margin Increase In May 2024
This additional Insurtech revenue increased Janover’s overall annual recurring revenue (“ARR”) by approximately 5% month over month.
Janover’s ARR consists mainly of recurring revenue from its recent Groundbreaker acquisition and Janover Insurance.
Blake Janover, CEO of Janover, stated, “Janover Insurance has already been licensed in several states, and we are building out our digital infrastructure to insert our insurance offerings throughout our funnel and sales processes while building out new customer acquisition channels. In May, Janover Insurance generated its first month of revenue, accounting for approximately 40% of the total monthly revenue from our core subscription business.”
Price Action: JNVR shares closed higher by 0.06% at $0.6504 on Tuesday.
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This article EXCLUSIVE: Janover Insurance Achieves Profitability In 2 Months, Boosts ARR By 5% originally appeared on Benzinga.com
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