Openly raises $75 million Series C
Boston-based home insurance MGA Openly closed a $75 million Series C funding round from Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital, bringing its total funding to ~$137 million.
Founded in 2017, Openly offers home insurance products in 19 states through a network of over 17,000 independent insurance agents.
“We are excited about this funding round and what it will enable. Investors in our sector have become wise to some of the sector’s potential pitfalls, such as inefficient customer acquisition, high burn rates, and unsustainable underwriting. We built Openly from day one around a strategy that avoids those pitfalls, and we’re seeing that pay off in differentiated results. I believe that differentiation relative to competitors will become even more apparent over the next two years.” – Ty Harris, Co-founder and CEO of Openly.
“We are excited about our continued partnership with Openly. AVP’s participation in this round underscores our confidence in Openly’s team and their approach to modernizing the property and casualty insurance market with technology-driven underwriting and best-in-class service.” – Courtney Robinson, Founding Partner at Advance Venture Partners.
“Openly continues to be a game changer for independent agents with its innovative technology, flexible coverage options, and exceptional service.” – Bradley Flowers, Founder of Portal Insurance.