- BriteCore, a leading provider of next-gen core software solutions for insurers, announced it raised $47.5 million in capital led by Warburg Pincus
BriteCore — a leading provider of next-generation core software solutions for insurers — announced it received $47.5 million of growth capital led by Warburg Pincus. Existing investors Radian Capital and WCF Mutual Insurance Company also participated in this round. Including this round, BriteCore has raised more than $70 million in total funding.
This round of funding will enable 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.
“I am delighted to partner with Warburg Pincus as we continue to grow as a company,” said BriteCore founder and CEO Phil Reynolds in a statement. “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.”
BriteCore essentially offers a modern end-to-end core software platform for property and casualty insurers built on industry-leading technology. BriteCore was designed as a cloud-native solution and it is deployed using Amazon Web Services, which is continually updated for maximum security, efficiency, and durability at scale. API integration capabilities also provide access to third-party solutions, expanding on BriteCore’s foundational core, data, and digital offerings.
“BriteCore’s modern, cloud-native solution and best-in-class track record of customer success have made it the preferred choice for insurers seeking to modernize and gain a competitive advantage through technology,” said Warburg Pincus Principal Alex Stratoudakis — who is joining BriteCore’s Board of Directors as part of the investment.
There are more than 50 insurance carriers, MGAs, and insurtechs that 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.
“We believe BriteCore is uniquely positioned with a tremendous opportunity ahead. We are excited to continue to partner with the company in the next phase of its growth and welcome Warburg Pincus to the investor group,” explained Radian Capital managing partner Jordan Bettman.
