Home insurance startup Openly, which specialises in distributing policies through independent agents, has secured $193m in a growth financing round to fuel its expansion efforts.
The funding round was led by Eden Global Partners, a merchant bank focused on long-term capital solutions, and Allianz X, the investment arm of Allianz, according to InsurTech Insights.
Existing investors, including Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, and Point Judith Capital, also participated.
The financing package consists of $123m in equity capital, led by Eden Global Partners, and a $70m senior note from Allianz X. Eden previously led Openly’s Series D round.
Founded in 2021, Openly provides homeowners’ insurance exclusively through independent agents. The company currently operates across 24 states and continues to broaden its reach.
In 2023, Openly generated $301m in written premiums for its carrier partner, Rock Ridge Insurance Company, and further strengthened its underwriting capabilities by partnering with MS Transverse Insurance Company. Openly also operates its own carrier subsidiary, Openly Insurance Company, which reported $16m in earned premiums and a net underwriting loss of $11m in the first nine months of 2024.
The newly raised capital will be used to expand Openly’s homeowners’ insurance offerings and introduce innovative solutions to further disrupt the industry.
The investment will also support the company’s continued growth and strengthen its technological and underwriting capabilities.
Ty Harris, co-founder and CEO of Openly, said, “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. As we continue to keep our eyes on the future, the partnership with our investors will go a long way in ensuring we’re able to maintain our position as an innovator and leader in this space.”
Eden Global Partners CEO David Dwek expressed confidence in Openly’s trajectory, stating, “Eden Global Partners is proud to deepen our partnership with Openly and its leadership team. Over the past two years of working together, we’ve had the privilege of seeing first-hand Openly bring to market innovative solutions for both independent agents, who represent the largest channel of insurance distribution in the U.S., as well as homeowners. We believe Openly is in a prime position to further expand its homeowners’ insurance offering nationwide, as well as deploy its innovations to additional lines of insurance. We look forward to working with Openly as they continue to build on their market leadership and convert the biggest challenges facing the insurance industry today.”
Allianz X CEO Dr. Nazim Cetin added, “We are thrilled to strengthen our collaboration with Openly, building upon the strategic partnership with Allianz Re. Openly has rapidly emerged as a leader in the InsurTech space, renowned for its commitment to sustainable growth, cutting-edge technology, and sophisticated underwriting capabilities. We are confident that this enhanced partnership will empower Openly to leverage its unique strengths and accelerate its impressive growth trajectory.”
With this latest investment, Openly is well-positioned to further expand its homeowners’ insurance offerings and cement its reputation as a leading innovator in the InsurTech sector.
Copyright © 2025 InsurTech Analyst
