Obie, a Chicago-based insurtech platform for landlords, just raised another round of funding as it looks to carve out a bigger slice of a market that includes 18 million real estate investors throughout the Untied States.
Founded in 2017, Obie, announced Wednesday that it raised $25.5 million in a Series B led by Battery Ventures, with participation from Brick and Mortar VC, DivcoWest, and several real estate funds and investor groups.
To date, Obie has raised $39 million following a $10.7 million Series A last year from investors that also included Battery Ventures and the firm's general partner Michael Brown, as well as Thomvest Ventures, Funders Club, Second Century Investors and Metaprop.
Obie, led by CEO Ryan Letzeiser, who founded the company with his brother Aaron Letzeiser, wants to continue to provide a new product apart from the legacy insurance carriers.
With this most recent raise, the company said it plans to double-down on its cloud-based insurance and portfolio management platform for small- and medium-size apartment landlords. Within the last two years, Obie says it has seen 300% growth and has provided insurance to cover more than $20 billion in rental property.
