Obie has raised $26M in a Series B funding round led by Battery Ventures, with participation from Brick and Mortar VC, DivcoWest, and several real estate funds and investor groups. This round of funding underlines the support from our investors, as well as their confidence in the future of embedded insurance solutions within our industry.
“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 Obie Co-founder and CEO, Ryan Letzeiser. “This funding supports the future of embedded insurance, as we expand our partnerships across industries and offer additional insurance products to clients.”
Since Obie’s inception in 2017, our team has been focused on championing the modern real estate investor by improving the way insurance is bought and sold within the industry. Through proprietary embedded insurance solutions, Obie is able to offer investors instantly bindable quotes through industry-leading partner platforms, saving time and unnecessary hassle.
The Obie instant quote process leverages data enrichment, accessing multiple databases to apply unique algorithms and analysis to over 1000 data points. This proprietary quote request process allows for a more accurate assessment of risk and the ability to more efficiently underwrite policies, translating to faster quotes for clients, and a seamless experience obtaining insurance through Obie.
With a whopping 18M real estate investors in the United States, there is room for the continued growth of Obie within the market. To capture this potential, Obie has already partnered with industry-leading companies across proptech, fintech, property management, and other relevant areas. This growing list of partners includes names such as Baselane, Awning, and Marketplaces Homes, all of which have opted to integrate Obie's products into their platforms, offering customers comprehensive insurance coverage directly within their preferred digital channel.
With over 75 partners already on board, in addition to this latest round of funding, Obie’s growth does not appear to be slowing down any time soon. Having seen 300% growth over the past two years, Obie continues to prove that investors continue to seek simpler ways to get the insurance they need.
We thank Battery Ventures for their continued support and belief in the mission of Obie, leading this second round of funding for the company, as well as Brick and Mortar VC, and DivcoWest for their participation.
“Despite the recent volatility in the real estate and insurtech markets, we believe Obie’s approach to growth—namely, by using an API-first approach and embedding their technology within their large ecosystem partners—is the right one for this market, and the company’s recent success demonstrates this,” said Michael Brown, a Battery general partner and Obie board member. “We’re excited to re-commit to Obie and continue to help the company scale.”
The latest round of funding brings our total equity raised to $39M, following the $10.7M raised in our Series A round closed in 2021. Our team remains committed to transforming the way insurance is bought and sold. Thank you to our investors for their continued confidence in our mission, to our team for their hard work, as well as to our partners for their support.
Read the TechCrunch article, here.
Battery Ventures is a technology-focused venture capital firm that has raised over $13B since its inception in 1983. With core focus areas of application software, infrastructure software, consumer, and industrial tech and life sciences tools, Battery Ventures practices a collaborative, research-focused style of investing. Other Battery Ventures-backed organizations include Affirm, Coinbase, Belong, and Glassdoor.
Obie is an insurance technology company, hyper-focused on driving value for the modern real estate investor and the partners they work with every day. Whether you are an owner, lender, agent, or property manager, Obie’s mission is to build technology and insurance products that drive efficiency and fundamentally change the way insurance is bought and sold. Click here to start your free quote with obieinsurance.com.