Openly announces $193 million in financing

Home insurance startup Openly announced a $193 million growth financing round led by Eden Global Partners, a merchant bank that specializes in providing long-term capital solutions, and Allianz X, the investments arm of Allianz. The round includes participation from existing investors such as Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, Point Judith Capital, and others.

Openly’s growth financing includes $123 million in equity capital, led by Eden Global Partners, and a $70 million senior note from Allianz X. Eden’s investment in Openly follows its initial investment as the Series D lead.

Founded in 2021, Openly distributes home insurance exclusively through independent agents and coverage is available in 24 states. In 2023, the startup generated $301 million in written premiums for Rock Ridge Insurance Company, its carrier partner. Last year, Openly added another carrier partner – MS Transverse Insurance Company. The startup’s carrier subsidiary, Openly Insurance Company, reported $16 million in (assumed) earned premiums and a net underwriting loss of $11 million for the first nine months of 2024.

“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.” – Ty Harris, Co-Founder and CEO of Openly.

“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.” –David Dwek, Chief Executive Officer of Eden Global Partners.

“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.” – Dr. Nazim Cetin, CEO of Allianz X.