About Open
Open is a company based in Sydney (Australia) founded in 2016. It operates as a InsurTech, and White Labeling / Private Label. Open has raised $34.1 million across 2 funding rounds from investors including Movac and AirTree. Open has completed 1 acquisition, including So-Sure. Open offers products and services including Car Insurance, Home Insurance, Travel Insurance, Landlords Insurance, and Tech Cover. Open operates in a competitive market with competitors including Zopper, Bolttech, Qover, Cover Genius and Lami, among others.
- Headquarter Sydney, Australia
- Stage Minicorn
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Sectors
Financial Services
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Phone
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Website
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Social
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- Legal Name Open Insurance Technologies Pty Ltd
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Products & Services of Open
Open offers a comprehensive portfolio of products and services, including Car Insurance, Home Insurance, Travel Insurance, Landlords Insurance, and Tech Cover. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Car insurance is provided for vehicle protection needs.
Home insurance is offered for property protection solutions.
Travel insurance is designed for trip safety coverage.
Landlords insurance is tailored for rental property security.
Tech cover is provided for electronic device protection.
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Funding Insights of Open
Open has successfully raised a total of $34.1M across 2 strategic funding rounds. The most recent funding activity was a Series B round of $31 million completed in August 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Series B — $31.0M
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First Round
First Round
(11 Aug 2020)
- Investors Count 2
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Aug, 2021 | Amount | Series B - Open | Valuation | Movac | |
| Aug, 2020 | Amount | Series A - Open | Valuation | AirTree |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Open
Open has secured backing from 2 investors, including venture fund investors. Prominent investors backing the company include Movac and AirTree. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Venture capital is provided to technology businesses by Movac.
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Founded Year | Domain | Location | |
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Investments are directed toward early-stage tech startups by AirTree.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Open
Open has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include So-Sure. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Insurance solutions for individuals are provided via an online platform.
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2013 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Open
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Open Comparisons
Competitors of Open
Open operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Zopper, Bolttech, Qover, Cover Genius and Lami, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
API-enabled insurance distribution platform is provided for B2C companies.
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| domain | founded_year | HQ Location |
Insurance solutions are connected for businesses and individuals through partnerships.
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| domain | founded_year | HQ Location |
Software suite for designing and distributing digital insurance is offered.
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| domain | founded_year | HQ Location |
Software suite for insurance distribution and management is provided.
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| domain | founded_year | HQ Location |
A software suite is provided for insurers and underwriters.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Open
Frequently Asked Questions about Open
When was Open founded?
Open was founded in 2016 and raised its 1st funding round 4 years after it was founded.
Where is Open located?
Open is headquartered in Sydney, Australia. It is registered at Sydney, New South Wales, Australia.
Is Open a funded company?
Open is a funded company, having raised a total of $34.1M across 2 funding rounds to date. The company's 1st funding round was a Series A of $3.1M, raised on Aug 11, 2020.
What does Open do?
Embedded insurance programs are developed by Open for large brands in the UK, Australia, and New Zealand. Digital-first insurance solutions are offered, covering car, home, travel, landlords, and tech cover. End-to-end services are provided, including acquisition, sales, payments, claims, and analytics, powered by flexible technology. Unique data and marketing services are delivered through OpenIntel, utilizing AI-enhanced data products and advanced ML dashboards. Risk management and regulatory compliance are ensured with licenses in multiple regions. Partnerships with global underwriters are maintained to design world-class insurance products tailored to modern customer needs.
Who are the top competitors of Open?
Open's top competitors include Zopper, Cover Genius and Bolttech.
What products or services does Open offer?
Open offers Car Insurance, Home Insurance, Travel Insurance, Landlords Insurance, and Tech Cover.
How many acquisitions has Open made?
Open has made 1 acquisition, including So-Sure.
What is Open's valuation?
The valuation of Open is $100M as of Aug 2021.
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