Since launching in late 2019, Openly has seen rapid adoption of its home insurance product and has expanded its coverage, currently on track to be live in 10 or more states by year-end
Openly CEO and co-founder, Ty Harris and chief technology officer and co-founder, Matt Wielbut. (Credit: Openly Inc.)
Openly, the premium homeowners insurance platform, today announced that it has closed a $15 million Series A investment. The round was led by Obvious Ventures, with participation from existing investors including Gradient Ventures (Google’s AI-focused Venture Fund), Point Judith Capital (PJC) Ventures, and others.
Since launching in late 2019, Openly has seen rapid adoption of its home insurance product and has expanded its coverage, currently on track to be live in 10 or more states by year-end. The round will be used to enter new states, including Massachusetts, Indiana, Ohio, Georgia, and South Carolina. Agents are already live on its platform in Arizona, Illinois, Pennsylvania, Tennessee, and Kentucky.
Founded by insurance industry and technology veterans Ty Harris and Matt Wielbut, Openly uses its technology to simplify the homeowners insurance process for independent agents and consumers, enabling them to obtain quotes in under 15 seconds. Openly’s product combines cutting edge technology with sophisticated pricing methodology to offer homeowners more comprehensive coverage and protection at a competitive price. By streamlining traditionally inefficient and manual processes, Openly frees up agents to spend more time doing what independent agents do best; provide expertise and customized coverage options. For Homeowners, Openly’s product provides more coverage and is easier to understand at a competitive price.
“We founded Openly to bring transparency to the insurance industry that has been traditionally opaque,” said Ty Harris, CEO and Co-Founder of Openly. “Closing the Series A is a validation of the demand from agents and homeowners and is a testament to the team’s tireless efforts to provide our customers with choice and a competitive product. We look forward to taking our offering nationwide and providing more consumers with comprehensive coverage at a really competitive price-especially at a time of financial uncertainty when consumers are understandably looking to reduce costs without sacrificing their protection against risk.”
Vishal Vasishth, Co-Founder and Managing Director of Obvious Ventures, adds, “Openly is bringing technology-driven transparency to an industry known for being opaque, inefficient and manual. This represents a positive transformation and independent agents alike.”
“Openly brings great experience and optimized insurance for everyone in the ecosystem: the consumer, the agent, and the reinsurer,” said Zach Bratun-Glennon, Partner at Gradient Ventures. “The demand for this insurance among agents and consumers is a testament to the tech-forward product that Openly has built, and I think this team is just getting started.”
Source: Company Press Release