Openly raises $75m in Series C funding round
Openly, the tech-driven homeowners insurer, has closed a $75 million Series C investment, which it says it will use to roll out its home insurance product to more states and agencies.
The round involves a mix of current and new investors, including Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech.
Having launched two and a half years ago, Openly currently offers its homeowners products in 19 states through a network of over 17,000 independent insurance agents.
“We are excited about this funding round and what it will enable,” said Ty Harris (pictured), co-founder and CEO of Openly. “Investors in our sector have become wise to some of the sector’s potential pitfalls, such as inefficient customer acquisition, high burn rates, and unsustainable underwriting. We built Openly from day one around a strategy that avoids those pitfalls, and we’re seeing that pay off in differentiated results. I believe that differentiation relative to competitors will become even more apparent over the next two years.”
Courtney Robinson, founding partner at Advance Venture Partners, said: “We are excited about our continued partnership with Openly. AVP’s participation in this round underscores our confidence in Openly’s team and their approach to modernizing the property and casualty insurance market with technology-driven underwriting and best-in-class service.”
Openly’s Series C round also includes investment from select insurance agency partners. Bradley Flowers, Founder of Portal Insurance, said: “Openly continues to be a game changer for independent agents with its innovative technology, flexible coverage options, and exceptional service.”
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