BriteCore, a core software developer for insurers, has closed a $47.5m growth equity round led by private equity firm Warburg Pincus.
Participation also came from previous backers Radian Capital and WCF Mutual Insurance Company.
The funding round puts the company’s total capital raised to $70m. Prior to this latest investment, BriteCore closed a $13m round last year.
With the proceeds of the round, the InsurTech is looking to accelerate the development of its platform, launch new products, and expand the size of its team.
BriteCore is a cloud-based insurance core software platform, supplying end-to-end tools for policy administration, claims management, underwriting rules and rating, agent quoting and inquiry, contract management, billing, imaging, data warehousing, and reporting. Currently, its services are used by over 50 customers including insurance carriers, MGAs, and InsurTechs.
BriteCore founder and CEO Phil Reynolds said, “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.”
As part of the deal, Warburg Pincus principal Alex Stratoudakis will join the BriteCore board of directors.
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