US-based online insurance provider Openly completed a $15m series A round yesterday that included Gradient Ventures, the artificial intelligence-focused fund owned by internet technology provider Google.
Venture capital firm Obvious Ventures led the round, which also featured VC firm Point Judith Capital and undisclosed others.
Openly offers homeowners insurance through an online platform that streamlines the process for customers and insurance agents. It will use the series A funding to enter new markets and aims to have a presence in at least 10 US states by the end of 2020.
The company raised $7.65m in a November 2019 seed round led by Gradient Ventures, and its early investors also include Point Judith Capital, reinsurance firm Greenlight Re and Techstars Ventures.
Gradient Ventures partner Zach Bratun-Glennon said: “Openly brings great experience and optimised insurance for everyone in the ecosystem: the consumer, the agent and the reinsurer.
“The demand for this insurance among agents and consumers is a testament to the tech-forward product that Openly has built, and I think this team is just getting started.”
