Openly raises $100 million

Home insurance startup Openly has raised $100 million in Series D funding led by Eden Global Partners, with participation from Gradient Ventures, Clocktower Technology Ventures, Trinity Capital, and others. With this round, Openly brings its total funding to ~$238 million.

Founded in 2021, Openly distributes home insurance exclusively through independent agents. In 2022, it generated $167 million* in premiums for its underwriter Rock Ridge Insurance Company. The startup, which is available in 21 states, also owns an insurance carrier.

“Openly’s growth continues to be fueled by the support of investors, employees, and independent agents who all value the game-changing approach we bring to the insurance space. Eden Global Partners is an ideal firm to support our pursuit of the massive, long-term opportunity to modernize homeowners insurance in the United States, and we’re thrilled to have them as our partner. It’s a perfect match.” – Ty Harris, co-founder and CEO of Openly.

“We are thrilled to partner with Openly as it continues to advance its mission to revolutionize the homeowners insurance industry. Openly’s technology expertise, experienced leadership team, and commitment to providing an exceptional customer experience are truly redefining the insurance industry’s future. We look forward to working with Openly and contributing to its continued success at this important inflection point in its evolution.” – David Dwek, CEO of Eden Global Partners.

“Openly’s modern and transparent homeowners insurance experience is winning over agents and homeowners en masse. Our belief that insurance built from the ground-up on a technology would truly differentiate product and performance, is proving true. We are excited to enter this new chapter and scale with the Openly team and its partners.” – Zach Bratun-Glennon, founder and general partner of Gradient Ventures.

*According to a new figure provided by Openly.