Openly, an InsurTech managing general agency focused on high-end home insurance, has raised $15 million in new funding. Plans call for using the cash infusion to expand the fledgling startup into a number of new states.
“Closing the Series A is a validation of the demand from agents and homeowners and is a testament to the team’s tireless efforts to provide our customers with choice and a competitive product,” Ty Harris, CEO and co-founder of Openly, said in prepared remarks.
Obvious Ventures led the Series A round, though existing investors including Gradient Ventures (Google’s AI-focused venture fund) and Point Judith Capital Ventures also participated. The Hanover Insurance Group, iGreenlight Re, PJC and Techstars Ventures have also previously invested in Openly.
The financing comes on top of Openly’s $7.65 million seed round raised last November.
Flush with new investment, Openly expects to use the money to help fund its expansion. The company said it is on track to be operational in 10 or more states by the end of 2020. Right now, its platform is live in Arizona, Illinois, Pennsylvania, Tennessee and Kentucky. The expansion will hit states including Massachusetts, Indiana, Ohio, Georgia and South Carolina. The company has said it also plans to launch complementary product lines, such as automobile insurance.
Openly pitches its platform as a way to simplify the homeowners insurance process for independent agents and consumers, allowing them to obtain quotes in under 15 seconds. The technology includes data sources, predictive models and artificial intelligence. Customers can get a quote after answering three questions, Openly has said.
Harris is an actuary by training who was previously chief product officer at Liberty Mutual, which is based in Boston. Matt Wielbut, Openly’s co-founder and chief technology officer, was vice president of technology at Goldman Sachs and also ran his own retail insurance agency.
Source: Openly