Obie raises US$25.5m in Series B funding

Obie, the insurtech focused on real estate, has secured US$25.5m in a Series B funding round, with chief investment coming from Battery Ventures.

Investing in growth

This latest round of investment is its second Series B type and sixth investment round overall; the insurtech has now raised $39.2m since its founding in 2017. This is Battery Venture’s second lead investment in Obie, having last funded it in a $10.7m Series A round in 2021. 

The $25.5m invested into Obie follows a significant rise in the insurtech's growth rate, from providing coverage for $3bn worth of property at its inception, to $20bn in 2023. 

Providing insurance coverage to apartment landlord owners with single-family rentals and large apartment buildings, Obie claims its product can save policyholders between 25% and 30% compared to other similar insurance premium offers, by leveraging over 1000 data points to generate unique pricing algorithms. 

The insurtech also attributes its growth to a superior customer experience, made possible by its use of instantly bindable quotes to meet the distinct and bespoke needs of each investment property.

Extending partnerships 

Obie Co-founder and CEO, Ryan Letzeiser, says: “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.

“This funding supports the future of embedded insurance, as we expand our partnerships across industries and offer additional insurance products to clients.” 

The insurtech already boasts over 75 partnerships in both the property and fintech spheres, with over 18m real estate investors across the US. Obie adds its unique position in a market still dominated by legacy insurers, has helped it achieve over 300% growth in the last two years via its advanced distribution strategy. 

Battery Ventures General Partner and Obie Board Member, Michael Brown, adds: “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.

“We’re excited to recommit to Obie and continue to help the company scale.”