Homeowners Insurance Platform Openly Raises $15 Million

By Annie Baker ● June 30, 2020
  • Premium homeowners insurance platform Openly recently announced that it has raised $15 million in Series A funding

Premium homeowners insurance platform Openly recently announced that it has raised $15 million in Series A funding. This round of funding was led by Obvious Ventures with participation from existing investors including Gradient Ventures, Point Judith Capital (PJC) Ventures, and several others.

Ever since Openly launched in late 2019, the company has seen rapid adoption of its home insurance product and has expanded its coverage, which is currently on track to be live in 10 or more states by year-end. The funding round will be used to enter new states, including Massachusetts, Indiana, Ohio, Georgia, and South Carolina. And agents are already live on its platform in Arizona, Illinois, Pennsylvania, Tennessee, and Kentucky.

Launched by insurance industry and technology veterans Ty Harris and Matt Wielbut, Openly utilizes its technology to simplify the homeowners’ insurance process for independent agents and consumers, enabling them to obtain quotes in under 15 seconds.

Openly’s product combines AI technology with a sophisticated pricing methodology to offer homeowners more comprehensive coverage and protection at a competitive price. By improving traditionally inefficient and manual processes, Openly frees up agents to spend more time doing what independent agents do best: provide expertise and customized coverage options. And for Homeowners, Openly’s product provides more coverage and is easier to understand at a competitive price.

Key Quotes:

“We founded Openly to bring transparency to the insurance industry that has been traditionally opaque. 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.”

– Ty Harris, CEO and Co-Founder of Openly

“Openly is bringing technology-driven transparency to an industry known for being opaque, inefficient and manual. This represents a positive transformation and independent agents alike.”

– Vishal Vasishth, Co-Founder and Managing Director of Obvious Ventures

“Openly brings great experience and optimized insurance for everyone in the ecosystem: the consumer, the agent, and the reinsurer. 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.”

– Zach Bratun-Glennon, Partner at Gradient Ventures