Premium Homeowners Insurer Expands Its Coverage to Empower Agents
BOSTON, MA / ACCESSWIRE / June 24, 2020 / 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."
About Openly
Openly is a Boston-based premium homeowners insurance company. Its centralized platform offers comprehensive coverage using advanced pricing models. Founded by industry veterans in 2017, Openly is dedicated to delivering modern and transparent homeowners insurance and empowering independent agents across America. For more information, visit Openly.com or linkedin.com/openlyinc.
About Obvious Ventures
Obvious Ventures is a venture capital firm investing in entrepreneurs reimagining the global economy. Since launching in 2014, Obvious has backed over 50 purpose-led companies using technology to create a smarter, healthier, more sustainable world. Obvious was co-founded by Ev Williams, James Joaquin, and Vishal Vasishth, with Andrew Beebe and Nan Li now also serving as Managing Directors. More information is available at www.obvious.com.
About Gradient Ventures
Gradient Ventures is Google's AI-focused venture fund - investing in and connecting early-stage startups with Google's resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing new technology products, allowing companies to take advantage of the latest techniques so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit www.gradient.com.
About PJC
PJC is an early-stage venture capital firm focused on investing in, supporting, and building relationships with entrepreneurs who are creating the future. The firm has invested in over 90 companies which have generated a total of 16.5 billion in equity value. Notable portfolio companies include Expensify, Nest, GetWell Network, Health-e Commerce, Nexamp, and Yandex. PJC was founded in 2001 and is based in Boston, MA. For more information, visit http://pjc.vc.
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SOURCE: Openly
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