Obie, a leading InsurTech startup, has today declared the successful raising of $25.5m in a Series B funding round.
This marks a significant milestone for the company, illustrating the increasing confidence of investors in embedded insurance solutions, specifically tailored for real estate investors.
The recent round of funding was spearheaded by Battery Ventures, with notable contributions from Brick and Mortar VC, DivcoWest, and several real estate funds and investor groups. The round confirms Obie’s prominence within the InsurTech sector, as it continues to innovate and disrupt traditional insurance provision methods.
Obie’s fundamental service revolves around offering insurance to residential real estate investors. The company’s standout strategy is the industry-first embedded insurance distribution model. By leveraging data enrichment and deploying unique algorithms to over 1000 data points, Obie can efficiently underwrite policies and instantly generate quotes. The accuracy of this data-driven risk assessment enables Obie to offer precise, bindable quotes tailored to the distinct needs of each investment property, solidifying its status as the leading digital provider of landlord insurance.
The newly acquired funds will be allocated to bolstering Obie’s embedded insurance products, enhancing its partnerships across multiple industries, and offering a wider array of insurance products to clients. The aim is to support the advancement of embedded insurance, a novel, tech-driven approach to insurance distribution.
Obie’s embedded insurance product integrates seamlessly into partner platforms. Through partnerships with over 75 firms in the FinTech and PropTech sectors, including Baselane, Awning, and Marketplace Homes, Obie is adding significant value by providing comprehensive insurance coverage directly within their platform or preferred digital channel.
Obie co-founder and CEO, Ryan Letzeiser, voiced his excitement over the continued support from their investors, expressing his commitment to building innovative insurance products that drive efficiency and revolutionise the traditional methods of buying and selling insurance.
Despite recent fluctuations in the real estate and InsurTech markets, Obie’s unique distribution strategy and its commitment to an API-first approach position it for continued growth, outpacing legacy insurance carriers. Following a 300% growth over the past two years, Obie is demonstrating that modern real estate investors are eager to adopt simpler, digital ways of procuring insurance that align with their other digital solutions.
Michael Brown, a Battery general partner and Obie board member, reconfirmed his belief in Obie’s approach, indicating a continued commitment to supporting the company’s scaling efforts.
Prior to this, Obie had raised $10.7m in a Series A funding round closed in 2021. The new funding round brings the total equity raised to date to $39m.
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