Boston-based Openly, an InsurTech homeowners insurer distributing through independent agents, has closed a $75 million Series C investment.
According to founders Ty Harris and Matt Wielbut, Openly has responded to a perceived 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the products those agents can offer have not kept up with what’s possible, “resulting in wasted time, wasted money and outdated risk underwriting.”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’s mission is to “empower independent insurance agents to deliver a modern, efficient and superior customer experience,” and its long-term goal is to be “the top provider of personal insurance through independent agents.”
Having launched two-and-a-half years ago, Openly said it currently offers its upscale homeowners products in 19 states through a network of 17,000 independent insurance agents. Openly said it has grown in-force premium more than 500 percent year over year and has already achieved double-digit new sales market share in the majority of its states.
Openly said it will invest its Series C proceeds to expand its home insurance product to more states and agencies and to continue enhancing its technology and insurance product.
The $75 million 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. The round also includes investment from several insurance agency partners.