This round also garnered participation from prominent backers, including Gradient Ventures, Clocktower Technology Ventures, Trinity Capital, and several others.
Established in 2021, Openly has carved a niche in the insurance landscape by exclusively distributing home insurance products through a network of independent agents. The company’s innovative approach has paid off, as evidenced by its 2022 performance, where it generated a remarkable $167 million in premiums for its underwriter, Rock Ridge Insurance Company.
Openly’s reach extends to 21 states, making its services available to a wide and growing customer base. Notably, in addition to its distribution model, the startup also boasts ownership of its very own insurance carrier.
This latest funding round signifies not only the startup’s financial prowess but also the continued confidence of investors in Openly’s vision and innovative approach to home insurance. It positions Openly for further expansion and innovation in the ever-evolving insurance market.
Ty Harris, co-founder and CEO of Openly, said: “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. 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.”
Also commenting, David Dwek, CEO of Eden Global Partners, explained: “We are thrilled to partner with Openly as it continues to advance its mission to revolutionise the homeowners insurance industry. 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.”
Zach Bratun-Glennon, founder and general partner of Gradient Ventures, concluded: “Openly’s modern and transparent homeowners insurance experience is winning over agents and homeowners en masse.”
He added: “ 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.”
