InsurTech Innovator Openly Raises $193M to Revolutionize Homeowners’ Insurance
Openly, a burgeoning homeowners’ insurance startup, has recently made headlines by securing an impressive $193 million in growth financing. This funding aims to accelerate the company’s expansion efforts and enhance its offerings through independent agents.
Investment Details and Key Players
The financing round was spearheaded by Eden Global Partners, a merchant bank known for its focus on long-term capital solutions, alongside Allianz X, the investment arm of Allianz. Notable existing investors also participated, including:
- Advance Venture Partners
- Obvious Ventures
- Clocktower Technology Ventures
- Point Judith Capital
The funding package consists of $123 million in equity capital and a $70 million senior note from Allianz X. Eden Global Partners had previously led Openly’s Series D funding round.
Openly’s Growth and Market Position
Founded in 2021, Openly exclusively provides homeowners’ insurance through independent agents and currently operates in 24 states. In 2023, the company reported $301 million in written premiums for its carrier partner, Rock Ridge Insurance Company, and notably enhanced its underwriting capabilities by partnering with MS Transverse Insurance Company.
Financial Performance
Openly also manages its own carrier subsidiary, Openly Insurance Company, which reported:
- $16 million in earned premiums
- A net underwriting loss of $11 million in the first nine months of 2024
The newly acquired capital will be instrumental in expanding Openly’s homeowners’ insurance offerings and introducing innovative solutions to disrupt the industry further.
Future Directions and Statements from Leadership
Ty Harris, co-founder and CEO of Openly, emphasized the significance of investor support, stating, “Our investors’ belief in Openly proves that we made the right decision nearly a decade ago to operate through independent agents to deliver comprehensive coverage based on homeowners’ unique needs and circumstances.”
David Dwek, CEO of Eden Global Partners, also expressed confidence in Openly’s future, highlighting the startup’s innovative solutions for independent agents and homeowners. He stated, “We believe Openly is in a prime position to further expand its homeowners’ insurance offering nationwide.”
Dr. Nazim Cetin, CEO of Allianz X, noted the rapid emergence of Openly as a leader in the InsurTech space, affirming their commitment to sustainable growth and advanced technology.
Conclusion
With this latest influx of capital, Openly is poised to enhance its homeowners’ insurance products and solidify its status as a pioneering innovator in the InsurTech sector. For more on homeowners’ insurance trends and solutions, visit our homeowners’ insurance tips page.
