Obie secures $25m in Series B funding

By Delisha Fernandes

Obie, an insurTech startup, announced that 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 are 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 Ryan Letzeiser,  Co-founder and CEO Obie. “This funding supports the future of embedded insurance as we expand our partnerships across industries and offer additional insurance products to clients.”

Having secured over $20 billion in total coverage, Obie has already attracted over 75 partners in proptech and FinTech, including Baselane, Awning, and Marketplace Homes as embedded partners. With the embedded product seamlessly integrating into partner platforms, value is added by offering comprehensive insurance coverage powered by Obie, all directly within their platform or preferred digital channel.

Having seen 300% growth over the past two years, Obie is proving that modern real estate investors are adopting new, easier ways to obtain insurance that align with other digitised proptech and FinTech solutions.

“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, Battery general partner and board member Obie. “We are excited to recommit to Obie and continue to help the company scale.”