Obie announced the attraction of investment funds for $26 million following the results of the Series B financing round.
Source: Pixabay.com
The company intends to use these funds to expand its offer of integrated insurance for investors operating in the real estate market. As part of the disbursement of the received financing, the company plans to expand its partner base and offer new products to customers. The relevant information is contained in the firm’s press release, which was published last Wednesday, May 17.
Co-founder and CEO of Obie, Ryan Letzizer, said that he is pleased with the constant support from the firm’s investors, and noted that the company will continue to create new products that increase the level of efficiency and change the ways of buying and selling insurance. Letzizer said that Obie intends to expand the scale of partnerships in various industries and is interested in offering customers additional insurance solutions. He also noted that the received funding supports the future of embedded insurance.
Obie was founded in 2017. The company uses built-in insurance solutions that allow it to offer real estate investors instantly linked quotes through partner platforms.
Currently, the firm has 75 partners, including PropTech, FinTech, partners in the estate management area, and other relevant segments. The company’s press release indicates that over the past two years, the number of real estate investors has increased by 300%. The firm operates in a market that includes 18 million participants in the real estate financing process in the United States.
The latest round of Obie funding was conducted by the venture capital company Battery Ventures. The previous round of Series A was held in 2021. Then the company received investment funds for $ 10.7 million.
Battery Ventures states that Obie is focused on the concept of striving for growth through the use of an API-based approach and the introduction of technologies in large ecosystem partners. This method of carrying out activities is correct from the point of view of compliance with market realities, and its justification is confirmed by the company’s performance indicators.
The results of special studies in the United States indicate that consumers need direct and hassle-free ways to obtain insurance coverage. The survey results show that 70% of digital banking customers are interested in at least one type of embedded banking offer. Cover Genius has attracted $70 million in investments following a Series D funding round announced last November. After receiving these funds, the company announced the expansion of its built-in insurance model.
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