(Image source: Openly homepage.)
Openly (Boston), a premium homeowners insurance provider, has announced that it has raised $100 million in Series D funding. The round was led by Eden Global Partners (New York), a financial institution specializing in providing long term capital solutions and strategic financial guidance, with additional participation from a mix of current and new investors including Gradient Ventures, Clocktower Technology Ventures, Trinity Capital, and others. As part of the transaction, David Dwek, Eden Global Partner’s Chief Executive Officer, has joined Openly’s Board of Directors.
Openly, used exclusively by independent insurance agents, aims to transform the homeowners insurance journey by offering comprehensive coverage and best-in-class customer service, through what it describes as its industry-leading and proprietary technology platform. Co-Founders Ty Harris and Matt Wielbut identified an opportunity to revolutionize homeowners insurance by supporting the highly effective independent agent channel with a platform that streamlines agency processes, expands coverage, improves risk underwriting, and enhances the claims experience.
“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,” comments Ty Harris, Co-Founder and CEO, Openly. “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.”
Openly reports that it now serves 30,000 independent agents across 21 states in the U.S. and implies in a statement on the Series D round that it will continue to expand its geographical reach. The company reports a 90 percent customer retention rate.
Tech Expertise, Experienced Leadership Team and Commitment to CX
“We are thrilled to partner with Openly as it continues to advance its mission to revolutionize the homeowners insurance industry,” comments David Dwek, CEO, Eden Global Partners. “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.”
“Openly’s modern and transparent homeowners insurance experience is winning over agents and homeowners en masse,” comments Zach Bratun-Glennon, Founder and General Partner, Gradient Ventures. “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.”