Closes Series B Only Six Months Following Series A Round, a Testament to Openly’s Rapid Customer Adoption and Dedication to Empowering Independent Agents through Technology
Openly, the technology-enabled provider of premium homeowners insurance, announced that it has raised an additional $40 million Series B investment round. The new influx of Series B funding comes just half-a-year after the insurtech start-up’s Series A round success. According to Openly, this latest investment round was led by Advance Venture Partners, with participation from return investors, including Gradient Ventures, Obvious Ventures, PJC and Greenlight Re.
Courtney Robinson, Founding Partner at Advance Venture Partners explained that her interest and ultimate investment in Openly came after experiencing the ease of the insurtech’s online platform. “I first encountered Openly as I was shopping for home insurance personally and was struck by the simplicity and breadth of coverage, compared to alternatives offered by traditional insurers. When we met Ty and Matt shortly thereafter, it was immediately evident that they had a clear vision for reimagining insurance, with a new approach to underwriting, modern interface and customer-friendly terms. The team’s deep domain expertise, combined with their agent distribution strategy and rapid month-over-month growth, led AVP to pre-empt the Series B financing. We at AVP are thrilled to partner with Ty and Matt and excited to be a part of what’s to come.”
“Courtney and the whole AVP team rapidly got up to speed on our business, and we could tell through the ensuing discussions that they will be great long term partners,” added said Ty Harris, CEO and Co-Founder of Openly. “We at Openly recognize the massive opportunity that exists to challenge incumbents and improve insurance.” . “We used modern technology to re-build core aspects of how an insurance product works. Then, we handed our improved product to independent agents because they know what real improvement looks like. The reception has been phenomenal. We’ve spent very little on marketing and yet seen sales just take off. That’s because our product — the insurance itself, the technology and the human experience — has proven to be fundamentally superior.”
“It’s been quite a journey getting from zero to where we are, and we feel very fortunate to have created this opportunity,” concurred Matt Weilbut, CTO and Co-Founder of Openly. “The close of our Series B within only six months of our Series A is a testament to the hard work of our amazing employees and the incredible support of our customers, agents, investors and partners who have put their trust in us.”
Total Investment in Openly now tops $62 million.
With investments now topping over $62 million, Boston-based Openly will continue to expand its geographic footprint from its current presence in 6 states to nearly all 50 by the end of 2021. In addition, the new funding will be used to invest in growing its team and technology capabilities.
More about Openly
Founded by insurance industry veterans Ty Harris and Matt Wielbut, Openly uses next-generation data and technology to offer straightforward, customer-friendly home insurance policies. Given the complex nature of most policies and the sensitivity around protecting one’s home, nearly 50% of Americans buy their home insurance through an independent agent. Unlike many other insurtech platforms, Openly sells its policies exclusively through its independent agent partners.
Agency Checklists has been covering the insurtech start-up since its inception. For those interested in reading our profiles and updates on the insurtech, please refer to the following articles:
- Openly” For Business: A Massachusetts Insurtech Betting On Independent Agents As The Future
- Openly For Business”: How This Boston Insurtech Is Hedging Its Bets On Independent Insurance Agents
- Openly Secures $7.65 Million In Funding From Google Venture Fund
- Openly, Almost Open For Business in Massachusetts
- Boston-based Openly Launches in Kentucky
- Openly Secures $15M in Series A Fundraising Round To Focus
- Openly Enters Ohio Expanding Its National Footprint To Six States