Total amount raised
$430.9 Millions
Latest funding date
01/01/2025
Location
Openly has successfully raised funding through multiple rounds, with notable investors such as Obvious Ventures and Clocktower Technology Ventures backing the company. The insurance provider focuses on offering comprehensive home, life, and auto insurance services through a straightforward and transparent approach.
Keep reading to explore the intricacies of Openly's fundraising journey and the investors supporting this innovative platform.
What Is Openly?
Openly, founded in 2017, is an insurance company based in Boston, Massachusetts. The company was established by Matt Wielbut and Ty Harris. Specializing in home, life, and auto insurance, Openly aims to provide premium insurance services through a network of independent agents.
With an employee count ranging between 251 and 500, Openly leverages advanced technology to offer customizable and comprehensive insurance policies. The company is dedicated to making the insurance process straightforward and transparent, ensuring a seamless experience for its customers.
How Much Funding Has Openly Raised?
- Pre-Seed Round
- Amount Raised: $220K
- Date: January 2018
- Lead Investors: Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Seed Round
- Amount Raised: $7.7M
- Date: November 2019
- Lead Investors: Gradient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the technology platform.
- Series A
- Amount Raised: $15M
- Date: June 2020
- Lead Investors: Obvious Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: $40M
- Date: December 2020
- Lead Investors: Advance Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and expand the customer base.
- Series C
- Amount Raised: $75M
- Date: June 2022
- Lead Investors: Advance Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and support rapid growth.
- Series D
- Amount Raised: $100M
- Date: September 2023
- Lead Investors: Eden Global Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business reach.
- Debt Financing
- Amount Raised: $70M
- Date: January 2025
- Lead Investors: Allianz X
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support financial stability and future growth.
- Venture Round
- Amount Raised: $123M
- Date: January 2025
- Lead Investors: Eden Global Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further expansion and technological advancements.
Total Amount Raised: $430.92M. Current Valuation: Not publicly disclosed.
Key Investors
- Eden Global Partners
- Details: Eden Global Partners is a financial institution specializing in providing long-term capital solutions and strategic financial guidance. Their CEO, David Dwek, has joined Openly's Board of Directors.
- Investment Focus Areas: Innovative companies, technology-driven companies, insurance sector.
- Notable Investments: Not publicly disclosed.
- Gradient Ventures
- Details: Gradient Ventures is a venture capital firm that focuses on early-stage investments in technology-driven companies. They participated in Openly's Series D funding round.
- Investment Focus Areas: Technology-driven companies, artificial intelligence, software.
- Notable Investments: Not publicly disclosed.
- Clocktower Technology Ventures
- Details: Clocktower Technology Ventures is known for investing in fintech and insurtech startups. They participated in Openly's Series D funding round.
- Investment Focus Areas: Fintech, insurtech, financial services.
- Notable Investments: Not publicly disclosed.
- Trinity Capital
- Details: Trinity Capital provides growth capital to venture-backed companies. They participated in Openly's Series D funding round.
- Investment Focus Areas: Growth capital, venture-backed companies, technology.
- Notable Investments: Not publicly disclosed.
- Obvious Ventures
- Details: Obvious Ventures is a venture capital firm that invests in companies aiming to create positive social and environmental impact. They have been a key investor in Openly.
- Investment Focus Areas: Social impact, environmental sustainability, technology.
- Notable Investments: Not publicly disclosed.
What's Next for Openly?
Openly stands at the cusp of significant growth opportunities, driven by its recent $100 million Series D funding. The company aims to expand its operations and enhance its tech platform, empowering independent insurance agents across the U.S. With a presence in 21 states and a network of 30,000 agents, the potential for market expansion is substantial.
Future fundraising opportunities appear promising, given the strong backing from investors like Eden Global Partners and Gradient Ventures. These partnerships could pave the way for additional rounds of funding or strategic investments, further fueling Openly's growth and technological advancements.
However, Openly may face challenges such as competition from other insurtech companies and regulatory hurdles in different states. Maintaining high service standards while scaling operations will be crucial for sustained success. As the company navigates these challenges, its focus on leveraging technology and strengthening agent relationships will be key to its continued growth.
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