Openly Announces $193M in Growth Financing Led by Eden Global Partners, Allianz X
Amid sustained growth, Openly sets its eyes on continued innovation in the homeowners insurance space
BOSTON, MA / / January 30, 2025 / Openly, the premium homeowners insurance provider, today announced a $193 million growth financing round led by Eden Global Partners, a merchant bank that specializes in providing long-term capital solutions, and Allianz X, the strategic growth investments arm of Allianz. The round includes participation from existing investors such as Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, Point Judith Capital, and others. This additional investment comes just over one year after Openly raised $100 million in Series D funding.
Openly remains dedicated to working exclusively with independent agents to serve homeowners with comprehensive coverage. In 2024, Openly expanded into three additional states bringing its total to 24, and partners with nearly 50,000 independent agents with plans for ongoing expansion.
"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."
Openly's growth financing includes $123 million in equity capital, led by Eden Global Partners, and a $70 million senior note from Allianz X. Participation from Allianz X builds upon a strategic reinsurance partnership between Openly and Allianz Re that has existed since 2023, and was renewed and further expanded in 2024. Eden's investment in Openly follows its initial investment as the Series D lead.
"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 U.S., as well as homeowners. 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," said David Dwek, Chief Executive Officer of Eden Global Partners.
"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. We are confident that this enhanced partnership will empower Openly to leverage its unique strengths and accelerate its impressive growth trajectory," said Dr. Nazim Cetin, CEO of Allianz X.
About Openly
Openly is a remote-first premium homeowners insurance provider. Its centralized platform offers comprehensive coverage, market-leading technology, and exceptional service. Founded by industry veterans in 2017, Openly is dedicated to delivering modern and transparent homeowners insurance and empowering independent agents across America. In 2024, Openly was named a Forbes America's Best Startup Employer and earned recognition across two Comparably awards; Best Company Outlook for small/medium-sized businesses and Best HR Team. For more information, visit Openly.com or linkedin.com/openlyllc.
About Eden Global Partners
Based in New York City, Eden Global Partners is a merchant bank dedicated to empowering visionary entrepreneurs shaping a better future. Focusing on permanent capital, we offer a unique blend of advisory services and principal investments, providing business leaders with patient, long-term financial support to tackle pressing challenges. Leveraging decades of transaction experience at leading investment banks and enterprises, our team delivers strategic financial guidance, an extensive network of capital partners, and utilizes our own balance sheet to help companies scale, innovate, and create sustainable value for all stakeholders. Discover more at Eden Global Partners or connect with us on LinkedIn.
About Allianz X
Allianz X invests in innovative growth companies in ecosystems of strategic relevance to Allianz Group's core business of insurance and asset management. It has a global portfolio of around 25 companies and assets under management of about 1.8 billion U.S. dollars. The heart, brains, and drive behind it all are a talented team of around 40 people in Munich and New York. On behalf of leading global insurer and asset manager Allianz, Allianz X enables collaborative partnerships in insurtech, fintech, wealth management, and beyond. As an investor, Allianz X supports growth companies to take the next bold steps and realize their full potential. Keep up with the latest at Allianz X on Medium, LinkedIn, and X (formerly Twitter).
Media Contacts:
OpenlyRoss StevensCaliber Corporate Advisers for Openlyross@calibercorporateadvisers.com
Eden Global PartnersH/Advisors AbernathyDeven.Anand@h-advisors.global+1 212-371-5999
Allianz XGregor WillsHead of PR & Communicationsgregor.wills@allianz.com
SOURCE: Openly
View the original press release on ACCESS Newswire
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