Obie, which has developed an insurtech platform for landlords, has raised $10.7 million in a Series A funding round led by Battery Ventures.
Thomvest Ventures, Funders Club, MetaProp and Second Century Ventures also participated in the financing.
If this sounds like a niche offering, that’s because it is. Obie’s software specifically targets small-to-medium size apartment landlords who own single-family rentals and/or larger apartment buildings.
Chicago-based Obie — which also went through the Y Combinator program — says its platform stands out because it offers instant quotes (by instant, they mean in about three to five minutes). The company also claims to save policyholders up to 25-30% compared to other insurance premiums. Over the past year, Obie has secured insurance for over $3 billion worth of property.