US-based insurance software developer BriteCore raised $47.5m yesterday from investors including insurer WCF Mutual Insurance Company.
The round was led by private equity Warburg Pincus with additional participation from Radian Capital. Alex Stratoudakis, principal at Warburg Pincus, has joined the company’s board of directors in conjunction with the funding.
Founded in 2009, BriteCore has developed cloud-based software that provides property and casualty insurers with digital tools for tasks such as contract and claims management, policy administration, underwriting, reporting, data warehousing, auditing and payments.
The company also offers business intelligence dashboards to support agents and underwriters in decision-making, as well as mobile app building software.
Phil Reynolds, founder and CEO at BriteCore, said: “The Warburg Pincus team has a stellar track record of investing in and scaling innovative and category-defining software companies.
“Their operational and strategic support will be invaluable as we continue to grow our platform, expand product capabilities, and relentlessly work to improve the experience of our customers.”
The company said the round increased its overall funding to more than $70m. In May 2018, BriteCore raised $13.4m from two undisclosed investors, adding to the $1m seed funding it secured in 2013, according to regulatory filings.
BriteCore has not disclosed details of any previous rounds, though it identified WCF Mutual Insurance Company and Radian Capital as returning backers for the latest round.