Openly, a home insurance provider, has secured $193 million in growth financing led by Eden Global Partners and Allianz X. The funding includes $123 million in equity capital from Eden Global Partners and a $70 million senior note from Allianz X. This investment follows Openly’s $100 million Series D funding in 2023. It strengthens its strategic reinsurance partnership with Allianz Re. Openly plans to use the funds to enhance its services, expand its coverage across the U.S., and introduce new insurance solutions. In 2024, the company extended its operations to three additional states, bringing its total presence to 24 states. It works with nearly 50,000 independent agents.
Openly CEO Ty Harris stated, "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." Eden Global Partners CEO David Dwek highlighted Openly’s potential to expand its insurance offerings, while Allianz X CEO Dr. Nazim Cetin emphasized the company's strong growth and advanced underwriting capabilities. The financing round reinforces Openly’s position in the insurtech sector and its plans for continued expansion.
