Insurance start-up Openly racks up $75m Series C

• Openly’s founders are Ty Harris and Matt Wielbut
• Openly said it will use this capital infusion to expand its home insurance products to more states
• Based in Boston, Openly currently offers homeowner insurance in 19 states through a network of more than 17,000 independent insurance agents

Openly, a provider of homeowners insurance though independent agents, has raised $75 million in Series C funding. Backers include Advance Venture Partners, Clocktower Ventures, Gradient Ventures, Obvious Ventures, Mtech, PJC Ventures and Techstars.

Openly said it will use this funding to expand its home insurance products to more states and agencies, and to continue enhancing its technology and insurance product offering.

Launched two and a half years ago, Openly currently offers homeowners products in 19 states through a network of more than 17,000 independent insurance agents.

“We are excited about this funding round and what it will enable,” Ty Harris, co-founder and CEO of Openly, said in a statement. “Investors in our sector have become wise to some of the sector’s potential pitfalls, such as inefficient customer acquisition, high burn rates, and unsustainable underwriting.”

Courtney Robinson, a founding partner at Advance Venture Partners, echoed Harris’s sentiments. “AVP’s participation in this round underscores our confidence in Openly’s team and their approach to modernizing the property and casualty insurance market with technology-driven underwriting and best-in-class service,” Robinson said.