Total amount raised
$430.9 Million
Latest funding date
01/01/2025
Location
Openly has participated in 9 funding rounds, attracting investments from notable firms such as Obvious Ventures, Clocktower Technology Ventures, and Eden Global Partners. The company offers premium home insurance through independent agents, emphasizing simplicity, transparency, and customizable coverage options.
Keep reading to explore the intricacies of Openly's fundraising journey and the investors backing this innovative platform.
What Is Openly?
Openly is a private company based in Boston, Massachusetts, specializing in premium home insurance. The company operates through independent agents and offers customizable coverage options to simplify and enhance the insurance experience.
Founded in an unspecified year, Openly has grown to employ between 251 and 500 people. The company is active in multiple insurance sectors, including auto, commercial, life, and property insurance, and is currently available in 24 states.
How Much Funding Has Openly Raised?
- Pre-Seed
- Amount Raised: USD 220,000
- 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
- Amount Raised: USD 7,650,000
- Date: November 2019
- Lead Investors: Gradient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Seed
- Amount Raised: Not publicly disclosed
- Date: March 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhance the product.
- Series A
- Amount Raised: USD 15,000,000
- Date: June 2020
- Lead Investors: Obvious Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology infrastructure.
- Series B
- Amount Raised: USD 40,000,000
- Date: December 2020
- Lead Investors: Advance Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: USD 75,000,000
- Date: June 2022
- Lead Investors: Advance Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market presence and enhance product offerings.
- Series D
- Amount Raised: USD 100,000,000
- Date: September 2023
- Lead Investors: Eden Global Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and modernize homeowners insurance.
- Debt Financing
- Amount Raised: USD 70,000,000
- Date: January 2025
- Lead Investors: Allianz X
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure long-term capital solutions and strategic financial guidance.
- Series Unknown
- Amount Raised: USD 123,000,000
- Date: January 2025
- Lead Investors: Eden Global Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and enhancing the company's offerings.
Openly has raised a total of USD 430,870,000. The current valuation is not publicly disclosed.
Key Investors
- Eden Global Partners
- Details: Eden Global Partners is a private investment firm. They specialize in providing long-term capital solutions and strategic financial guidance.
- Investment Focus Areas: Long-term capital solutions, strategic financial guidance.
- Notable Investments: Not publicly disclosed.
- Allianz X
- Details: Allianz X is the digital investment unit of Allianz Group. They focus on digital growth companies related to insurance and asset management.
- Investment Focus Areas: Insurance, asset management, digital growth companies.
- Notable Investments: Not publicly disclosed.
- Advance Venture Partners
- Details: Advance Venture Partners is a venture capital firm. They invest in technology and media companies.
- Investment Focus Areas: Technology, media companies.
- Notable Investments: Not publicly disclosed.
- Obvious Ventures
- Details: Obvious Ventures is a venture capital firm focused on "world-positive" investing. They aim to support companies that have a positive impact on the world.
- Investment Focus Areas: Positive impact companies.
- Notable Investments: Not publicly disclosed.
- Gradient
- Details: Gradient is a venture fund backed by Google. They focus on early-stage companies in AI, cloud, and other technology sectors.
- Investment Focus Areas: AI, cloud, technology sectors.
- Notable Investments: Not publicly disclosed.
What's Next for Openly?
Openly is poised to capitalize on the growing demand for modern and transparent homeowners insurance solutions. With substantial funding from its recent Series D round, the company is well-positioned to expand its market presence and enhance its technology platform. This expansion could potentially cover more states and introduce new insurance products, such as car insurance, further solidifying its market position.
Future fundraising opportunities appear promising, with potential for additional equity rounds or strategic partnerships to support continued growth and technological advancements. However, Openly may face challenges such as regulatory hurdles, competition from established and emerging insurance providers, and the need to maintain high service quality as it scales.
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