Insurance software firm receives $47M investment

SBJ file photo

From left, BriteCore’s Chastin Reynolds, Phil Reynolds and Amanda Quint represent the company for SBJ’s recent Dynamic Dozen awards.

Springfield-based insurance administration software provider BriteCore closed on a $47.5 million round of growth capital.

The investment is led by New York City-based private equity firm Warburg Pincus LLC. Other new funding is from existing BriteCore investors Radian Capital, a venture capital firm that’s also from New York City, and WCF Mutual Insurance Co., a Utah-based insurance business, according to a news release. The new investment follows a $13 million capital raise in 2018.

“The Warburg Pincus team has a stellar track record of investing in and scaling innovative and category-defining software companies,” BriteCore CEO Phil Reynolds said in the release. “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 latest investment brings BriteCore’s total funding to more than $70 million.

Alex Stratoudakis, principal at Warburg Pincus, will join BriteCore’s board as part of the investment deal. Warburg Pincus has over $65 billion in private equity assets under management, according to the release. U.S. investments made this year by Warburg Pincus include funding for Contrast Security and Kestra Financial, according to its website.

“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,” Stratoudakis said in the release.

BriteCore recently ranked No. 5 on Springfield Business Journal’s annual Dynamic Dozen list. The company reported 2018 revenue of $13.5 million and three-year growth of 192%, as well as more than 220 employees.