A venture-backed home insurance technology startup has expanded its footprint to Missouri.
Boston-based Openly said this week it started operations in Missouri by offering its home insurance platform to independent insurance agents in the state. The expansion marks the most recent move by Openly to expand its presence nationwide.
Founded in 2017, Openly describes itself as a “technology-enabled” premium insurance provider. It offers homeowners insurance policies through independent insurance agents. The startup, co-founded by CEO Ty Harris and Chief Technology Officer Matt Wielbut, says its technology provides an easier quoting process and advanced pricing models. The startup has raised more than $62 million in venture financing since its launch.
“With demand on the rise, independent insurance agents need more homeowners insurance options and fast,” Harris said in a statement. “We’re thrilled that Missouri has welcomed our offering at this time and look forward to supporting these vital agents at a time when they are needed more than ever before.”
A spokesman for Openly did not immediately respond to whether the startup’s expansion in Missouri involves hiring employees in the state.
The startup’s expansion to the Show-Me State comes as it seeks rapid growth. In December 2020, Openly closed on a $40 million Series B funding round, with plans to use the financing to expand its operations across the U.S. It now operates in 12 states, up from six in December.
Openly says more than 2,000 independent insurance agencies nationwide offer its homeowners insurance policies and the policies have a more than 90% renewal rate.
The Boston startup is one of several firms focused on the homeownership market to expand to St. Louis in recent months. Tech-enabled residential real estate buyers and sellers Opendoor and Offerpad have started operations locally. Denver-based flat fee real estate brokerage Trelora and New York-based residential real estate firm Compass Inc. have also expanded to Missouri this year.
