Open raises $31 million
Sydney-based insurtech Open Insurance raised $31 million in a series B funding round from international investors, led by Movac (NZ) with Latitude (UK) and returning investor AirTree Ventures (AU). To date the company has raised $53 million.
Founded in 2016, Open provides car, home and travel insurance. Open’s partners can embed insurance into any app or website in a couple of hours, via Open’s APIs, making it simple to share data, prepopulate quotes, and offer personalized savings. With over 70,000 customers, Open is now expanding internationally, first to New Zealand, launching in late 2021, and then to the UK, targeting a launch of mid-2022. Open will use the funds to expand its teams based in Australia and New Zealand, accelerate growth and add new products for the SME segment.
“Imagine a world in which you only pay for car insurance based on how much you drive, your home contents policy automatically updates when you buy new tech, and your travel insurance automatically activates when you land in another country. These are the possibilities Open’s connected insurance offers today through our direct to consumer brand Huddle, as well as partnerships with leading brands such as Telstra Plus, ahm, and On by EnergyAustralia.” – Jason Wilby, one of Open’s Cofounders.
“Insurtech is years behind payments and lending in terms of digitisation and it’s in need of renewed focus on customer outcomes. Open is the leading embedded insurance player across Australia and New Zealand. Their technology is built to bring trust back to the insurance industry and through their exponential growth, we can see that consumers prefer this new, ethical, digital way of doing insurance. Open had a number of investor options, and we’re delighted that they were compelled by our experience, networks and investment track record. Open becomes our ninth portfolio company in Fund 5.” – Jason Graham, Partner, Movac.
“We’ve always been driven to deliver better outcomes for customers by solving insurance problems with technology. Now, with international VC funds, Movac and Latitude, backing our mission, we’re excited about helping customers across the world save money, time and stress.” – Jonathan Buck, Cofounder Open.