Insurtech Openly raises US$100m in Series D funding
Premium homeowners insurance provider Openly has raised US$100m in a Series D funding round led by Eden Global Partners, with additional participation from both new and existing investors, including Gradient Ventures, Clocktower Technology Ventures and Trinity Capital among others.
Per the transaction, Eden Global Partner's CEO David Dwek has joined Openly’s Board of Directors.
The funding comes as Openly bids to transform the homeowners' insurance journey with its comprehensive service and strong customer service, made possible through its proprietary technology platform. With its new funding, Openly feels it has demonstrable strong value across the insurance industry.
Openly: Revolutionising homeowners’ insurance
Like the best insurtech startups, Openly spotted a gap in the market to revolutionise homeowners’ insurance – partnering exclusively with independent insurance agents to help smaller players streamline agency processes, expand coverage, improve risk underwriting, and enhance the claims experience.
Co-founded by Ty Harris and Matt Wielbut in 2017, the insurtech has grown from strength to strength since its founding. With US$100m in new funding, Openly’s total funding now stands at US$237.9m, which it has accrued across just six years.
The insurtech now serves 30,000 independent agents across 21 states in the US, and claims to have a 90% retention rate for the services it provides to insurers.
Co-founded and CEO Harris says: “Openly's growth continues to be fueled by the support of investors, employees, and independent agents who all value the game-changing approach we bring to the insurance space.
"Eden Global Partners is an ideal firm to support our pursuit of the massive, long-term opportunity to modernise homeowners insurance in the United States, and we're thrilled to have them as our partner. It's a perfect match."
CEO of lead investor Eden Global Partners, Dwek, adds: “We are thrilled to partner with Openly as it continues to advance its mission to revolutionise the homeowners' insurance industry.
"Openly's technology expertise, experienced leadership team, and commitment to providing an exceptional customer experience are truly redefining the insurance industry's future.
“We look forward to working with Openly and contributing to its continued success at this important inflection point in its evolution."
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