In a vote of confidence for Openly’s open commitment to the independent agency system, the Boston-based insurtech announced it has raised $100 million in its latest Series D Funding. The current round builds upon the $75 million in Series C funding it received in 2022, meaning that the insurtech start-up has no amassed approximately $200 million in total funding to help further the insurtech’s expansion throughout the country. The Series D Round was led by Eden Global Partners with additional participation from Gradient Ventures, Clocktower Technology Ventures, Trinity Capital, and others. As part of the transaction, David Dwek, Eden Global Partner’s Chief Executive Officer, has joined Openly’s Board of Directors.
“We are thrilled to partner with Openly as it continues to advance its mission to revolutionize the homeowner’s insurance industry,” said David Dwek, Chief Executive Officer of Eden Global Partners. “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.”
Since its earliest beginnings as outlined in our first profile of the company in 2019, the remote-first platform has gone from strength-to-strength expanding its geographic footprint across 21 states over the past four years and launching its own insurance company in 2022. Now serving upwards of 30,000 independent agents, the company also boasts 90% plus customer retention rate.
“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,” said Ty Harris, Co-Founder and CEO of Openly. “Eden Global Partners is an ideal firm to support our pursuit of the massive, long-term opportunity to modernize homeowners’ insurance in the United States, and we’re thrilled to have them as our partner. It’s a perfect match.”
“Openly’s modern and transparent homeowners’ insurance experience is winning over agents and homeowners en masse,” added Zach Bratun-Glennon, Founder and General Partner of Gradient Ventures. “Our belief that insurance built from the ground-up on a technology would truly differentiate product and performance, is proving true. We are excited to enter this new chapter and scale with the Openly team and its partners.”
