Obie – an industry-leading insurtech startup – announced recently that it has raised $25.5 million in a Series B funding round led by Battery Ventures with participation from Brick and Mortar VC, DivcoWest, and several real estate funds and investor groups. Launched in 2017, Obie is focused on providing insurance to residential real estate investors. And the company has seen success from its industry-first embedded insurance distribution strategy – which they are now doubling down on. The Obie instant quote process utilizes data enrichment, accessing multiple databases to apply unique algorithms and analysis to over 1000 data points.
This proprietary methodology of this data analysis allows for a more accurate assessment of risk and the ability to more efficiently underwrite policies, resulting in faster quote generation. And with this innovative technology, Obie delivers instantly bindable quotes that meet the distinct needs of each investment property, enabling a superior customer experience and positioning the company as the leading digital provider of landlord insurance.
Having secured over $20 billion in total coverage, Obie already attracted over 75 partners in proptech and fintech, including Baselane, Awning, and Marketplace Homes as embedded partners. And with the embedded product seamlessly integrating into partner platforms, value is added by offering comprehensive insurance coverage (powered by Obie), all directly within their platform or preferred digital channel. With the Obie product, partners can also ensure their insurance specifications are met, such as meeting unique insurance loan requirements.
With over 18 million real estate investors across the United States, Obie’s unique distribution strategy positions the company to continue growing in a market still largely served by legacy insurance carriers. Having seen 300% growth over the past 2 years, Obie is proving that modern real estate investors are adopting new, easier ways to obtain insurance that align with other digitized proptech and fintech solutions.
After raising $10.7 million in their Series A funding round closed in 2021, this new funding round brings the total equity raised to date to $39 million.
KEY QUOTES:
“We’re excited to have the ongoing support of our investors as we continue to build insurance products that drive efficiency and change the way insurance is bought and sold. This funding supports the future of embedded insurance, as we expand our partnerships across industries and offer additional insurance products to clients.”
— Obie Co-founder and CEO, Ryan Letzeiser
“Despite the recent volatility in the real estate and insurtech markets, we believe Obie’s approach to growth—namely, by using an API-first approach and embedding their technology within their large ecosystem partners—is the right one for this market, and the company’s recent success demonstrates this. We’re excited to recommit to Obie and continue to help the company scale.”
— Michael Brown, a Battery general partner and Obie board member
