Australasian InsurTech company Open has raised $31m in a growth round supported by international investors, as it gears up for New Zealand launch.
The round was led by New Zealand-based investor Movac, with commitments also coming from Australia’s AirTree Ventures and the UK’s Latitude.
With the funds, the InsurTech company hopes to grow its Australia and New Zealand teams and release new products for SMEs.
Open offers digitalised car and home insurance products which can easily be embedded by businesses of all sizes. Partners can embed the insurance products into their app or website within hours. The APIs can then share data, prepopulate quotes and offer personalised savings.
The technology is used by FinTechs, car and home lenders, telcos, utilities and insurers.
It claims its technology ensures 80% of insurance tasks across the customer lifecycle are completely automated.
Open boasts more than 70,000 customers in Australia and is now looking to launch its services in New Zealand by the end of the year. Following this, Open is targeting launch in the UK in mid-2022.
The InsurTech company claims it doubled its revenue over the past year.
Open co-founders Jason Wilby said, “Imagine a world in which you only pay for car insurance based on how much you drive, your home contents policy automatically updates when you buy new tech, and your travel insurance automatically activates when you land in another country.
“These are the possibilities Open’s connected insurance offers today through our direct-to-consumer brand Huddle, as well as partnerships with leading brands such as Telstra Plus, ahm, and On by EnergyAustralia.”
With the close of the round, the company has raised a total of $53m.
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