Obie, a Chicago, IL-based insurtech startup for residential real estate investors, raised $25M in Series B funding.
After raising $10.7M in their Series A funding closed in 2021, this new round – led by Battery Ventures, with participation from Brick and Mortar VC, and DivcoWest – brought the total equity raised to date to $39M.
The company intends to use the funds to expand operations and its business reach.
Founded in 2017 and led by CEO Ryan Letzeiser, Obie is focused on providing insurance to residential real estate investors. Its instant quote process leverages data enrichment, accessing multiple databases to apply unique algorithms and analysis to over 1000 data points. The proprietary methodology of this data analysis allows for an accurate assessment of risk and the ability to more efficiently underwrite policies. With this technology, the company delivers instantly bindable quotes that meet the distinct needs of each investment property. With the embedded product integrating into partner platforms, value is added by offering comprehensive insurance coverage, all directly within their platform or preferred digital channel. Through the Obie product, partners can also ensure their insurance specifications are met, such as meeting unique insurance loan requirements.
Having secured over $20B in total coverage, Obie has already served over 75 partners in proptech and fintech, including Baselane, Awning, and Marketplace Homes as embedded partners.
FinSMEs
18/05/2023