Home insurtech Openly announced a $193 mn growth financing round, strengthening its expansion plans and market leadership in insurtech.
Founded in 2021, Openly provides home insurance exclusively through independent agents. The company currently operates in 24 states and continues expanding.
In 2023, Openly produced $301 mn in written premiums for Rock Ridge Insurance Company, its partner carrier. The firm also partnered with MS Transverse Insurance Company last year to enhance underwriting.
Additionally, Openly’s own subsidiary, Openly Insurance Company, reported $16 mn in earned premiums and an $11 mn net underwriting loss during the 9M 2024.
The financing includes $123 mn in equity capital, led by Eden Global Partners, and a $70 mn senior note from Allianz X. Eden previously led Openly’s Series D round.
Other investors participating in this round include Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, and Point Judith Capital.
Ty Harris, Openly’s Co-Founder and CEO, highlighted the importance of this funding round and the company’s future goals. He noted investor support validates the company’s decision nearly a decade ago to distribute insurance exclusively through independent agents, focusing on homeowner-specific needs. Harris added that the latest partnership will help Openly sustain its innovation and leadership.
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.
Ty Harris, Co-Founder and CEO of Openly
David Dwek, CEO of Eden Global Partners, expressed continued support for Openly’s management team. He highlighted Eden’s experience working with Openly over the last two years, noting the company’s successful launch of innovative products benefiting both independent agents—the largest insurance distribution channel in the U.S.—and homeowners.
Dwek views Openly as positioned well to expand nationwide and apply its solutions to additional insurance categories. He reaffirmed Eden’s commitment to supporting Openly as it addresses major insurance industry challenges.
We believe Openly is in a prime position to further expand its homeowners’ insurance offering nationwide, as well as deploy its innovations to additional lines of insurance. We look forward to working with Openly as they continue to build on their market leadership and convert the biggest challenges facing the insurance industry today.
David Dwek, CEO of Eden Global Partners
Dr. Nazim Cetin, CEO of Allianz X, similarly noted Openly’s rapid growth in insurtech. He highlighted the strategic value of Allianz X’s expanded relationship, which builds upon an existing collaboration with Allianz Re.
Cetin commended Openly’s focus on sustainable growth, advanced technology, and high-quality underwriting. He believes this strengthened partnership positions Openly effectively to accelerate growth.
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.
We are confident that this enhanced partnership will empower Openly to leverage its unique strengths and accelerate its impressive growth trajectory.
Dr. Nazim Cetin, CEO of Allianz X
With this financing, Openly plans to expand its home insurance products and introduce new innovations to disrupt the insurance market further.
As of February 2025, Openly, a home insurance startup, has raised a total of $293 mn in funding.
In January 2025, the company secured $193 mn in growth financing, comprising $123 mn in equity led by Eden Global Partners and a $70 mn senior note from Allianz X. This followed a $100 mn Series D funding round in September 2023, also led by Eden Global Partners. Openly continues to expand its presence, now operating in 24 states and partnering with nearly 50,000 independent agents.
