Insurtech Openly raises $193mn in growth financing led by Eden, Allianz X

By Isha Marathe

Jan 30 - (The Insurer) - Homeowners insurtech Openly has raised $193mn in a growth financing round led by Eden Global Partners and Allianz X – with Eden providing $123mn in equity capital and Allianz X with a $70mn senior note – over a year after its $100mn Series D.

The round also includes participation from existing investors such as Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, Point Judith Capital, and others.

Participation from Allianz X, which is the strategic investments arm of Allianz, builds upon a reinsurance partnership between Openly and Allianz Re that has existed since 2023, and was renewed and expanded in 2024. Eden’s investment in Openly follows its initial investment as the Series D lead.

Openly, which launched in 2017, provides a remote-first solution for homeowners coverage through its tech platform. It aims to create an independent agent channel with a platform that streamlines agency processes, expands coverage, improves risk underwriting and enhances the claims experience.

“Our investors’ belief in Openly proves that we made the right decision nearly a decade ago to operate through independent agents to deliver comprehensive coverage based on homeowners’ unique needs and circumstances,” said Ty Harris, co-founder and CEO of Openly.

“As we continue to keep our eyes on the future, the partnership with our investors will go a long way in ensuring we’re able to maintain our position as an innovator and leader in this space.”

In 2022, Openly raised $75mn in its Series C round. Gradient and Clocktower had previously participated in Openly’s Series C round, along with Advance Venture Partners, Obvious Ventures, PJC Ventures, Techstars and MTech Capital, The Insurer reported.

Shortly after its Series C, Openly, which had only operated as an MGA, launched Openly Insurance Company, which was licensed in 17 states.

In 2024, the insurtech expanded into three additional states bringing its total to 24, and partners with nearly 50,000 independent agents with plans for ongoing expansion, and the latest funding is meant to further bolster the company's expansion.

"Eden Global Partners is proud to deepen our partnership with Openly and its leadership team. Over the past two years of working together, we’ve had the privilege of seeing first-hand Openly bring to market innovative solutions for both independent agents, who represent the largest channel of insurance distribution in the US, as well as homeowners," said David Dwek, CEO of Eden Global Partners, about the latest round.

In 2023, Harris said that Openly had no plans to slow down on its expansion and that it served over 30,000 independent agents at the time.

"We are thrilled to strengthen our collaboration with Openly, building upon the strategic partnership with Allianz Re. Openly has rapidly emerged as a leader in the insurtech space, renowned for its commitment to sustainable growth, cutting-edge technology, and sophisticated underwriting capabilities,” said Nazim Cetin, CEO of Allianz X.