Premium homeowners insurance provider Openly has secured $100m in its Series D financing round to bolster its operations.
Financial institution Eden Global Partners led the fundraise, joined by existing and new investors such as Gradient Ventures, Clocktower Technology Ventures and Trinity Capital, among others.
As part of the investment, Eden Global Partner CEO David Dwek gained a seat on the Openly board.
Dwek noted: “Openly’s technology expertise, experienced leadership team, and commitment to providing an exceptional customer experience are truly redefining the insurance industry’s future.
“We look forward to working with Openly and contributing to its continued success at this important inflection point in its evolution.”
Established in 2017, Openly offers homeowners insurance through independent agents in the US. The company currently serves 30,000 independent agents in 21 states.
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It leverages its integrated platform to provide coverage, technology and customer services.
This platform simplifies agency procedures, widens coverage and enhances the risk underwriting and claims process to better serve independent agents in the homeowner’s insurance sector, claims the company.
Openly co-founder and CEO Ty Harris said: “Openly’s growth continues to be fuelled by the support of investors, employees, and independent agents who all value the game-changing approach we bring to the insurance space.
“Eden Global Partners is an ideal firm to support our pursuit of the massive, long-term opportunity to modernise homeowners insurance in the United States, and we’re thrilled to have them as our partner.”