Openly raises $7.65 million

Home insurance MGA Openly has announced a $7.65 million seed round of funding led by Gradient Ventures, Google’s AI-focused venture fund. Simultaneously, Openly announced its market debut in Illinois and Arizona.

Established in 2017, Openly offers a “premium homeowners insurance product” and has a sweet spot with homes in the $400k to $5M replacement cost range. The company plans to expand eligibility to Massachusetts, Pennsylvania and Tennessee in the next few months, along with four additional states in the near future. The company will also launch complementary product lines, such as auto insurance.

Finally, Clear Blue Insurance Group is the underwriter.

Bottom Line: You saw it coming.