With participation from Brick and Mortar VC, DivcoWest, and a number of real estate funds and investor organizations, Obie, a leading insurtech firm, announced today that it has raised $25.5 million in a Series B fundraising round headed by Battery Ventures.
The Obie quick quotation method uses data enrichment by pulling information from many sources in order to run proprietary algorithms on more than a thousand data points. This data analysis uses a proprietary technology that enables a more precise evaluation of risk and more efficient underwriting of policies, which in turn allows for quicker quotation creation.
Obie was established in 2017 with the goal of serving residential real estate investors with insurance. The company has found success with its embedded insurance distribution method and is expanding on it. The Obie quick quotation method uses data enrichment by pulling information from many sources in order to run proprietary algorithms on more than a thousand data points.
This data analysis uses a proprietary technology that enables a more precise evaluation of risk and more efficient underwriting of policies, which in turn allows for quicker quotation creation. Obie is the top digital provider of landlord insurance thanks to its cutting-edge technology’s ability to generate instantaneous, bindable quotations tailored to the specific requirements of each investment property.
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These funds help boost sector cooperation and expand insurance options.
“We’re excited to have the ongoing support of our investors as we continue to build insurance products that drive efficiency and change the way insurance is bought and sold,” said Ryan Letzeiser, co-founder and CEO of Obie. With these funds, we may strengthen our collaborations in a variety of sectors and provide our customers with a wider selection of insurance options.
Obie has attracted over 75 partners in prop-tech and fintech, including embedded partners Baselane, Awning, and Marketplace Homes, and has acquired over $20B in total coverage. By incorporating Obie’s insurance solutions into partner platforms, we can provide full coverage without ever taking users out of their preferred digital environment. Partners can verify their insurance criteria, such as those for a particular type of insurance loan, are met through the Obie product as well.
Obie is well-positioned for continued growth in a market currently predominantly covered by legacy insurance providers, where there are over 18 million real estate investors. Obie’s rapid expansion over the past two years demonstrates how digitally-enabled proptech and fintech solutions are being embraced by today’s real estate investors.
Recent success proves that Obie’s strategy of using an API-first approach and embedding their technology within their large ecosystem partners is the right one for this market, according to Michael Brown, a Battery general partner, and Obie board member. We are eager to renew our commitment to Obie and assist the company in its growth.
This current round of fundraising takes the total equity received to $39 million, following a Series A funding round closed in 2021 that brought in $10.7 million.
FAQs
Obie is an Insurtech company that helps businesses embed insurance into their products and services. Obie’s platform provides businesses with the tools they need to offer insurance to their customers, including underwriting, claims processing, and customer support.
Obie’s technology allows businesses to embed insurance into their products and services with ease. Obie’s platform provides businesses with a variety of features, including:
– Underwriting: Obie’s underwriting engine can quickly and easily assess risk, providing businesses with the ability to offer insurance to their customers at a competitive price.
– Claims processing: Obie’s claims processing system is fast and efficient, helping businesses to resolve claims quickly and easily.
– Customer support: Obie’s customer support team is available 24/7 to help businesses and their customers with any questions or issues they may have.
Obie raised $25M to grow its team, expand its product offerings, and enter new markets. Obie plans to use the funding to:
– Hire more engineers and product managers to develop new features and improve its existing products.
– Expand its sales and marketing team to reach more businesses and help them embed insurance into their products and services.
– Enter new markets, such as Europe and Asia.
