Premium Homeowners Insurer Expands Its Coverage to Empower Agents
Openly is on a roll. After recently announcing its entry into Kentucky, with it site next set on Massachusetts, the Boston-based insurtech announced that it has raised an additional $15 million in Series A funding.
“We founded Openly to bring transparency to the insurance industry that has been traditionally opaque,” said Ty Harris, CEO and Co-Founder of Openly. “Closing the Series A is a validation of the demand from agents and homeowners and is a testament to the team’s tireless efforts to provide our customers with choice and a competitive product. We look forward to taking our offering nationwide and providing more consumers with comprehensive coverage at a really competitive price-especially at a time of financial uncertainty when consumers are understandably looking to reduce costs without sacrificing their protection against risk.”
The funding round led by Obvious Ventures included participation from previous Openly investors including Gradient Ventures (Google’s AI-focused Venture Fund), Point Judith Capital (PJC) Ventures, and others. The company says the additional funds will be used to continue its expansion plans into more states Massachusetts, Indiana, Ohio, Georgia, and South Carolina.
“Openly is bringing technology-driven transparency to an industry known for being opaque, inefficient, and manual,” commented Vishal Vasishth, Co-Founder and Managing Director of Obvious Ventures. This represents a positive transformation and independent agents alike.”
“Openly brings great experience and optimized insurance for everyone in the ecosystem: the consumer, the agent, and the reinsurer,” said Zach Bratun-Glennon, Partner at Gradient Ventures. “The demand for this insurance among agents and consumers is a testament to the tech-forward product that Openly has built, and I think this team is just getting started.”
Next stop…Massachusetts
As many readers already know, Openly was founded by the Massachusetts-based insurance professionals Ty Harris and Ty Harris and Matt Wielbut. Since launching in 2017, the company was a part of the TechStars Cohort 2018 before launching their online platform dedicated to homeowners’ insurance. Since their official launch, as profiled by Agency Checklists, the company has officially entered 10 states.
As mentioned in the first linked article below, Openly told us that after the official entry into Kentucky, they will be opening in Massachusetts. We will be sure to update our readers as soon as that news becomes official. In the meantime, for those interested in learning more about the company and its plans, please refer to the following Agency Checklists articles on Openly:
- Openly, Almost Open For Business In Massachusetts
- Boston-based Openly Launches in Kentucky
- MA Insurtech Update: Openly Secures $7.65 Million In Funding From Google Venture Fund
- “Openly For Business”: How This Boston Insurtech Is Hedging Its Bets On Independent Insurance Agents
