Openly closes its Series A investment on $15m

Home insurance provider Openly has closed its Series A investment on $15m, with Obvious Ventures leading the round.

Commitments to the round also came from Gradient Ventures, Point Judith Capital Ventures and more.

The platform, which launched in 2019, is looking enter ten US states by the end of the year. Openly will use the capital from the round to help it enter Massachusetts, Indiana, Ohio, Georgia and South Carolina.

Its products are already available to consumers in Arizona, Illinois, Pennsylvania, Tennessee and Kentucky.

Through Openly, customers can simply navigate the homeowners insurance process, with the ability to get a quote within 15 seconds, it claims. The platform combines technology with a competitive pricing methodology to give homeowners comprehensive coverage and protection.

Openly CEO and co-Founder Ty Harris said, of “We founded Openly to bring transparency to the insurance industry that has been traditionally opaque. Closing the Series A is a validation of the demand from agents and homeowners and is a testament to the team’s tireless efforts to provide our customers with choice and a competitive product.

“We look forward to taking our offering nationwide and providing more consumers with comprehensive coverage at a really competitive price-especially at a time of financial uncertainty when consumers are understandably looking to reduce costs without sacrificing their protection against risk.”

Openly previously raised $7.65m in its seed round last year.

Earlier in the year, Obvious Ventures contributed to the $17m Series A round of US challenger bank One.

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