Openly, a provider of premium home insurance products in the US, has reportedly raised $40m in Series B investment round led by Advance Venture Partners.

The round was joined by return investors such as Gradient Ventures, Obvious Ventures, PJC and Greenlight Re.

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Openly co-founder and CEO Ty Harris said: “We at Openly recognize the massive opportunity that exists to challenge incumbents and improve insurance.

“We used modern technology to re-build core aspects of how an insurance product works. Then, we handed our improved product to independent agents because they know what real improvement looks like.”

Leveraging data and technology, Openly provides home insurance policies through independent agents.

The insurtech currently is said to have over 3,000 independent agents offering its product to consumers.

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Openly intends to use the proceeds from the latest founding round to accelerate business growth through 2021 and beyond.

Openly co-founder and CTO Matt Weilbut noted that the latest financing round is a testament to the hard work of the company’s employees and the support of its customers, agents, investors and partners.

Commenting on the development, Advance Venture Partners founding partner Courtney Robinson added: “Openly brings technology-driven transparency, efficiency and user experience design to the fore with agents. This is enabling the team to transform the insurance sector in world positive ways, and this latest funding will help propel their purpose.”

The latest financing, which brings Openly’s total funds raised to over $62m, follows the insurtech’s $15m Series A round in June this year, which was led by Obvious Ventures.

In November last year, Openly raised $7.65m in seed funding round led by Google’s AI-focused venture fund Gradient Ventures.