- Real estate-focused insurtech Obie announced it received $25.5 million in funding.
- The Series B investment brings Obie’s total raised to $39 million since it was founded in 2017.
- Obie’s embedded insurance tool helps change the way insurance for landlords and real estate investors is bought and sold.
Today’s round brings Obie’s total equity raised to $39 million, following the $10.7 million the company raised in its 2021 Series A round. Battery Ventures led the investment, which also saw participation from Brick and Mortar VC, DivcoWest, and 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. “This funding supports the future of embedded insurance, as we expand our partnerships across industries and offer additional insurance products to clients.”
Obie was founded in 2017 to improve the way insurance was bought and sold in the real estate investing industry by launching an embedded insurance option. The company’s embedded insurance solutions underwrite investors by pulling more than 1,000 data points from multiple databases. Additionally, it creates a better user experience by offering instant, bindable quotes via its partner platforms, such as Baselane, Awning, and Marketplaces Homes.
Obie has grown 300% over the past two years. And with 18 million real estate investors across the U.S., the company expects to continue that trajectory. Earlier this month, Inc. Magazine named Obie to its 2023 Best Workplaces List.