Boston-based insurtech company, Openly, has successfully secured a substantial $100 million in a Series D funding round. The funding was spearheaded by Eden Global Partners, renowned for providing strategic financial guidance and long-term capital solutions. This collaboration marks a significant step for Openly, with Eden Global Partner's CEO, David Dwek, joining Openly's Board of Directors. The round also saw participation from a diverse group of investors, including Gradient Ventures, Clocktower Technology Ventures, and Trinity Capital.
Revolutionizing the Insurance Market
Openly operates exclusively through independent insurance agents in the homeowners insurance sector. The company's co-founders, Ty Harris and Matt Wielbut, recognized a unique opportunity to enhance the homeowners insurance experience by leveraging a platform that streamlines agency processes and improves risk underwriting.
Openly's CEO, Ty Harris, expressed the company's enthusiasm about the partnership with Eden Global Partners, stating, “It's a perfect match.” He emphasized the shared commitment to modernizing homeowners insurance in the United States.
Demonstrating Value and Growth
With a customer retention rate exceeding 90%, Openly continues to showcase its value to independent agents and the broader insurance industry. The company currently serves 30,000 independent agents across 21 states in the U.S., illustrating a consistent trajectory of growth and expansion.
David Dwek of Eden Global Partners voiced his excitement about the collaboration, highlighting Openly's “technology expertise, experienced leadership team, and commitment to providing an exceptional customer experience.” Zach Bratun-Glennon, Founder and General Partner of Gradient Ventures, also commended Openly's innovative approach and the positive reception from agents and homeowners.
Openly was named a Forbes America's Best Startup Employer and Inc. Best Workplace in 2023, continues to receive accolades for its contributions to the insurance sector. The recent funding is anticipated to further propel Openly's mission to offer modern and transparent homeowners insurance solutions, empowering independent agents across America.