BriteCore Receives $47.5M of Growth Capital Led by Warburg Pincus
Cloud-based insurance core software platform BriteCore has announced that it received $47.5m of growth capital led by Warburg Pincus, with participation from existing investors Radian Capital and WCF Mutual Insurance Company. The investment brings the company’s total funding to more than $70 million and enables BriteCore to accelerate the development of innovative, new products while continuing to expand its team of insurance industry experts to help support the growth of its customers.
BriteCore offers a modern end-to-end core software platform for property and casualty insurers. Designed as a cloud-native solution, BriteCore is deployed using Amazon Web Services and is continually updated for maximum security, efficiency, and durability at scale. API integration capabilities provide access to third-party solutions, expanding on BriteCore’s foundational core, data, and digital offerings. More than 50 insurance carriers, MGAs, and insurtechs have partnered with BriteCore to help drive digital transformation and gain a competitive advantage by leveraging the platform to access emerging technologies, enhance operational efficiency, create compelling customer experiences, and drive unparalleled speed to market.
“I am delighted to partner with Warburg Pincus as we continue to grow as a company. Our mission to build the best software for property and casualty insurance companies requires building a community of world-class partners. 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.” – Phil Reynolds, BriteCore Founder and CEO.
Bottom Line: Clients include: Jetty, American Farmers and Ranchers, and Municipal Mutual Insurance Company of WV.