Openly, a Boston, MA-based firm, is a premium homeowners insurance provider that recently bagged a significant financial milestone.
The company has successfully raised $100m in its Series D funding round. Leading the investment charge was Eden Global Partners. The round also witnessed participation from an array of both current and new investors such as Gradient Ventures, Clocktower Technology Ventures, Trinity Capital, and other notable names.
In light of this transaction, David Dwek, the chief executive officer of Eden Global Partner, will now be taking a seat on Openly’s Board of Directors.
Openly is not just another insurance company. Co-founded by the entrepreneurial duo, Ty Harris and Matt Wielbut, the company offers a groundbreaking tech platform. This platform empowers independent insurance agents, providing them with the tools to offer comprehensive coverage, streamline agency processes, expand their coverage palette, refine risk underwriting, and notably enhance the overall claims experience.
With these newly acquired funds, Openly has set its sights on expansion. The company plans to utilise this capital to broaden its operational footprint and extend its business outreach.
The impact of Openly’s innovative approach to insurance is evident. At present, the firm caters to the needs of 30,000 independent agents. These agents are spread across 21 states in the U.S., a testament to the company’s growing influence in the insurance landscape.
Eden Global Partner’s chief executive officer David Dwek said, “Openly’s approach to transforming the insurance landscape is both innovative and necessary. We’re thrilled to be part of their growth story.”
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