Openly Secures $40M in Series B Funding Round to Accelerate Rapid Growth
Staff Writer | December 21, 2020
Openly, the technology-enabled provider of premium homeowners insurance, today announced that it has closed a $40 million Series B investment round. The Series B funding follows just six months after Openly’s Series A. The round is led by Advance Venture Partners, with participation from return investors, including Gradient Ventures, Obvious Ventures, PJC, and Greenlight Re. This current round of fundraising brings the total investment in Openly to over $62 million.
Founded by insurance industry veterans Ty Harris and Matt Wielbut, Openly uses next-generation data and technology to offer straightforward, customer-friendly home insurance policies. Given the complex nature of most policies and the sensitivity around protecting one’s home, nearly 50% of Americans buy their home insurance through an independent agent. Openly sells its policies exclusively through these agents.
Openly’s product benefits consumers and independent home insurance agents alike. It provides consumers with more comprehensive coverage and top-notch service. At the same time, independent agents benefit from the ability to generate fully underwritten policies in seconds, giving them back precious time to customize coverage to meet each consumer’s needs, rather than tediously entering data.
Openly’s rapid adoption is a testament to this focus on excellence and customer experience. Openly launched in late 2019 and already has over 3,000 independent agents offering its product to consumers. Openly’s sales to date outpace most direct-to-consumer rivals at a similar stage, and Openly expects continued rapid growth through 2021 and beyond.
“We at Openly recognize the massive opportunity that exists to challenge incumbents and improve insurance,” said Ty Harris, CEO and Co-Founder of Openly. “We used modern technology to re-build core aspects of how an insurance product works. Then, we handed our improved product to independent agents because they know what real improvement looks like. The reception has been phenomenal. We’ve spent very little on marketing and yet seen sales just take off. That’s because our product -- the insurance itself, the technology, and the human experience -- has proven to be fundamentally superior.”
Courtney Robinson, Founding Partner at Advance Venture Partners, adds, “I first encountered Openly as I was shopping for home insurance personally and was struck by the simplicity and breadth of coverage, compared to alternatives offered by traditional insurers. When we met Ty and Matt shortly thereafter, it was immediately evident that they had a clear vision for reimagining insurance, with a new approach to underwriting, modern interface, and customer-friendly terms. The team’s deep domain expertise, combined with their agent distribution strategy and rapid month-over-month growth, led AVP to preempt the Series B financing. We at AVP are thrilled to partner with Ty and Matt and excited to be a part of what’s to come.”
“Courtney and the whole AVP team rapidly got up to speed on our business, and we could tell through the ensuing discussions that they will be great long term partners,” added Harris.
Openly will use the proceeds from the Series B fundraise to expand its geographic footprint from six states at present to most of the country by the end of 2021. The Company will continue to invest heavily in both the technology and the people that power insurance operations at scale.
“Openly provides a best-in-class product to customers and agents that want better, tech-enabled insurance products,” said Zach Bratun-Glennon, Partner at Gradient Ventures. “We continue to invest in this business because we see the rapid adoption and rave reviews that Openly is achieving. The growth is exceptional, but Openly also underwrites particularly low risk, big policy customers and turns them into long-term fans of the product“
Vishal Vasishth, Co-Founder of Obvious Ventures, concurs: "Openly brings technology-driven transparency, efficiency, and user experience design to the fore with agents. This is enabling the team to transform the insurance sector in world positive ways, and this latest funding will help propel their purpose."
Matt Weilbut, CTO and Co-Founder of Openly, adds, “It’s been quite a journey getting from zero to where we are, and we feel very fortunate to have created this opportunity. The close of our Series B within only six months of our Series A is a testament to the hard work of our amazing employees and the incredible support of our customers, agents, investors, and partners who have put their trust in us.”
Openly is a Boston-based provider of premium homeowners insurance. Founded in 2017 by industry veterans, Openly combines next generation technology with a human touch to deliver superior coverage without the hassles. Openly’s product is offered exclusively through the national network of independent insurance agents. For more information, please visit Openly.com or linkedin.com/openlyinc.
About Advanced Venture Partners
Advance Venture Partners (AVP), an investment firm built in partnership with Advance, a family-owned holding company with a diversified portfolio of exceptional media and technology companies. For more information, please visit www.avp.vc.
About Gradient Ventures
Gradient Ventures is Google’s AI-focused venture fund - investing in and connecting early-stage startups with resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing new technology products, using the latest best-practices in recruiting, marketing, design, and engineering so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, please visit www.gradient.com.
About Obvious Ventures
Obvious Ventures is a venture capital firm investing in entrepreneurs reimagining every sector of the economy. Since launching in 2014, Obvious has backed over 60 purpose-led companies using technology to create a smarter, healthier, more sustainable world. For more information, please visit www.obvious.com.
PJC is an early stage venture capital firm investing in innovative, high-growth companies that are building technology to disrupt the status quo. The firm seeks to be the first institutional capital deployed into a company and focuses on being a true partner to entrepreneurs as they drive their companies toward becoming industry leaders in their respective categories. PJC was founded in 2001 and is based in Boston, Massachusetts. For more information, please visit www.pjc.vc.
About Greenlight Capital Re, Ltd.
Established in 2004, Greenlight Re is a Nasdaq listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re provides risk management products and services to the insurance, reinsurance and other risk marketplaces. The Company focuses on delivering risk solutions to clients and brokers by whom Greenlight Re's expertise, analytics and customer service offerings are demanded. With an emphasis on deriving superior returns from both sides of the balance sheet, Greenlight Re manages its assets according to a value-oriented equity-focused strategy that supports the goal of long-term growth in book value per share. For more information please visit www.greenlightre.com.
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