FirstBest Systems, a US-based maker of software for property and casualty insurers, has raised $10m in its series C round from a consortium including risk analysis provider Verisk Analytics.
Venture capital firm NewSpring Capital led the round, joined by peer Flybridge Capital Partners (which spun out from publisher International Data Group’s east coast corporate venturing unit) and private equity firm Brookstone Partners.
FirstBest previously raised $6m in its B round in March 2009 from Flybridge and Brookstone and $7m the year before.
Scott Stephenson, president and chief operating officer at Verisk, said: “Verisk’s strategic investment in FirstBest Systems will bring the full breadth and depth of our risk and rating analytics directly into the underwriter’s analysis, pricing and decisioning [sic].”