Insurtech Obie announced it has raised $25.5 million 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.
“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 in a company press release. “This funding supports the future of embedded insurance, as we expand our partnerships across industries and offer additional insurance products to clients.”
Founded in 2017, Obie is focused on providing insurance to residential real estate investors and offers an embedded insurance distribution strategy. The Obie instant quote process leverages data enrichment, accessing multiple databases to apply algorithms and analysis to more than 1,000 data points.
Obie has attracted more than 75 partners in PropTech and FinTech, including Baselane, Awning and Marketplace Homes as embedded partners. With the embedded product integrating into partner platforms, Obie offers comprehensive insurance coverage directly within its platform or preferred digital channel.
After raising $10.7 million in its series A funding round closed in 2021, this new round of funding brings Obie’s total equity raised to date to $39 million.
Source: Obie
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