Openly Secures $193 Million in Growth Financing to Expand Home Insurance Offerings
Openly Secures $193 Million in Growth Financing to Expand Home Insurance Offerings
Home insurance startup Openly has announced a $193 million growth financing round, bolstering its expansion efforts and reinforcing its position as a leader in the insurtech space.

The round was led by Eden Global Partners, a merchant bank specialising in long-term capital solutions, and Allianz X, the investment arm of Allianz. Existing investors, including Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, and Point Judith Capital, also participated in the round.

The financing package comprises $123 million in equity capital led by Eden Global Partners and a $70 million senior note from Allianz X. Eden’s latest investment follows its prior role as the lead investor in Openly’s Series D round.

Founded in 2021, Openly distributes home insurance exclusively through independent agents. The company currently offers coverage in 24 states and continues to expand its footprint. In 2023, Openly generated $301 million in written premiums for Rock Ridge Insurance Company, its carrier partner. The company also partnered with MS Transverse Insurance Company last year to further strengthen its underwriting capabilities. Meanwhile, Openly’s own carrier subsidiary, Openly Insurance Company, reported $16 million in earned premiums and a net underwriting loss of $11 million for the first nine months of 2024.

Ty Harris, Co-Founder and CEO of Openly, emphasised the significance of the new funding and the company’s long-term vision “Our investors’ belief in Openly proves that we made the right decision nearly a decade ago to operate through independent agents to deliver comprehensive coverage based on homeowners’ unique needs and circumstances. As we continue to keep our eyes on the future, the partnership with our investors will go a long way in ensuring we’re able to maintain our position as an innovator and leader in this space.”

Eden Global Partners’ CEO, David Dwek, echoed this sentiment, expressing confidence in Openly’s future “Eden Global Partners is proud to deepen our partnership with Openly and its leadership team. Over the past two years of working together, we’ve had the privilege of seeing first-hand Openly bring to market innovative solutions for both independent agents, who represent the largest channel of insurance distribution in the U.S., as well as homeowners. We believe Openly is in a prime position to further expand its homeowners’ insurance offering nationwide, as well as deploy its innovations to additional lines of insurance. We look forward to working with Openly as they continue to build on their market leadership and convert the biggest challenges facing the insurance industry today.”

Dr. Nazim Cetin, CEO of Allianz X, also underscored Openly’s rapid ascent in the insurtech space “We are thrilled to strengthen our collaboration with Openly, building upon the strategic partnership with Allianz Re. Openly has rapidly emerged as a leader in the insurtech space, renowned for its commitment to sustainable growth, cutting-edge technology, and sophisticated underwriting capabilities. We are confident that this enhanced partnership will empower Openly to leverage its unique strengths and accelerate its impressive growth trajectory.”

With this latest round of funding, Openly is poised to expand its homeowners’ insurance offerings and introduce new innovations to further disrupt the industry.

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