Proptech startup Obie raises $2.8 million

Chicago-based proptech-slash-insurtech startup Obie announced it has raised $2.8 million now that it officially launched its platform.

Established in 2017, Obie offers a free cloud-based insurance and portfolio management platform for small-to-medium size commercial real estate funds and managers. The platform gives owners a place to consolidate all of the information about their assets and, at the same time, invite and collaborate with any of the key stakeholders like property managers, leasing brokers, or LPs who need access to that data on a daily basis. And since the platform is free, the company is looking to make money by selling auxiliary products starting with commercial property insurance (think: insurance under the influence).

Obie has a P&C insurance program for $500k to $10 billion in assets under management and “requesting a quote and getting coverage is faster than ever before,” with customers saving 15% or more on insurance premiums; often within 72 hours or less.

“The silent majority of commercial real estate owners and funds in the US have largely been ignored by advances in technology. I spent countless hours in my previous life on time-consuming tasks that could easily be automated and consolidated in one place.” –  Ryan Letzeiser, CEO of Obie, who founded the company with his brother, serial entrepreneur Aaron Letzeiser, after almost a decade working in real estate private equity.