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InsurTech Pioneer Obie Secures $25.5m In Series B

Things To Know About Obie

Obie is a privately held insurance company founded in 2017 and headquartered in Chicago. The company holds major specialties in the sectors of Landlord insurance, Real estate investment management , SFR insurance, STR insurance, MFR insurance, multifamily insurance and commercial real estate insurance.

Obie’s fundamental service revolves around offering insurance to residential real estate investors mainly. The company’s uniqueness lies upon first embedded insurance distribution model which works by leveraging data enrichment and deploying unique algorithms to over 1000 data points. Thus, Obie can efficiently underwrite policies and instantly generate quotes under this system. The accuracy of this data-driven risk assessment enables Obie to offer precise, bendable quotes tailored to the distinct needs of each investment property, solidifying its status as the leading digital provider of landlord insurance.

Funds Will Be Used As-

The newly acquired funds will be allocated to bolstering Obie’s embedded insurance products, enhancing its partnerships across multiple industries, and offering a wider choice of range of insurance products to clients. The aim is to support the advancement of embedded insurance, a novel, tech-driven approach to insurance distribution for the policyholders with an ease.

Through partnerships with over 75 firms in the FinTech and PropTech sectors, including Baselane, Awning, and Marketplace Homes, Obie is adding significant value by providing comprehensive insurance coverage directly within their platform or preferred digital channel to the policyholders without any hustle.

What Are The Views Of Leading Members Of The Firm On This 

Obie co-founder and CEO, Ryan Letzeiser, says that, “Despite recent fluctuations in the real estate and InsurTech markets, Obie’s unique distribution strategy and its commitment to an API-first approach position it for continued growth, outpacing legacy insurance carriers. Following a 300% growth over the past two years, Obie is demonstrating that modern real estate investors are eager to adopt simpler, digital ways of procuring insurance that align with their other digital solutions.”

Michael Brown, a Battery general partner and Obie board member, reconfirmed his belief in Obie’s approach, indicating a continued commitment to supporting the company’s scaling efforts by claiming that, “ Obie had raised $10.7m in a Series A funding round closed in 2021. The new funding round brings the total equity raised to date to $39m.”

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