Openly, a technology-enabled provider of premium homeowners’ insurance through independent agents, has raised $75m in Series C funding.
The round involves a mix of current and new investors, including Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital.
Launched two years and a half years ago, Openly’s goal is to empower independent insurance agents to deliver a superior customer experience.
The company said its founders, Ty Harris and Matt Wielbut, saw a gap in the market: while consumers are increasingly buying home insurance through independent agents, the products those agents can offer have not kept up with what’s possible, resulting in wasted time, wasted money, and outdated risk underwriting.
Openly offers products in 19 states in the US through a network of over 17,000 independent insurance agents. Its technology is powered by algorithms, which the company said allows its rating models to provide more accurate coverage options.
The company said it will use the Series C capital to expand its home insurance product to more states and agencies, and to enhance its technology and product offering.
Ty Harris, co-founder and CEO of Openly, said, “We are excited about this funding round and what it will enable. Investors in our sector have become wise to some of the sector’s potential pitfalls, such as inefficient customer acquisition, high burn rates, and unsustainable underwriting.
“We built Openly from day one around a strategy that avoids those pitfalls, and we’re seeing that pay off in differentiated results. I believe that differentiation relative to competitors will become even more apparent over the next two years.”
Last year, Openly partnered with Majesco Billing for P&C on Majesco CloudInsurer in order to provide increased flexibility, greater service and modern insurance experience to its customers.
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