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April 7, 2022

BriteCo raises $9m through Series A round to expand customer base

BriteCo, a jewellery and watch insurance company, has raised $9m from Series A round that was led by Brand Foundry Ventures.

The round has seen participation from other investors including Western Technology Investment and Hyde Park Angels.

Proceeds from the round will be used by the insurtech company to expand its customer base and fulfil its mission to bring the ‘jewellery insurance experience into the digital age’.

The firm’s jewellery insurance online platform allows customers to get a custom insurance quote in just 60 seconds and coverage for theft, loss, damage, and mysterious disappearance within two minutes.

BriteCo claimed that with the support of its strategic partner and investor Hannover Re, it has developed a more accessible jewellery insurance product offering better prices and coverage.

BriteCo CEO and founder Dustin Lemick said: “At BriteCo, we’ve democratized the jewellery insurance market by making the process of buying jewellery insurance faster, easier and more affordable than ever before.

“Developing a unique, specialized jewellery insurance program and gaining efficiencies with proprietary underwriting tools allows us to offer a highly competitive product in an industry that’s lagged in leveraging digital technology to improve the consumer buying experience.”

Brand Foundry Ventures general partner Brian Spaly is joining BriteCo’s board of directors.

Spaly said: “BriteCo’s clear vision and impressive execution in modernizing the jewelry insurance customer experience is exciting. We’re proud to be a part of the digital transformation and innovation that BriteCo is bringing to this industry.”

Among the angel investors who contributed to the funding round include Caribou Honig and Jay Weintraub.

In 2016, Honig and Jay Weintraub founded InsureTech Connect, a gathering of entrepreneurs, investors, and industry executives that has drawn more than 7500 attendees.

John Bunch, who earlier was head of product and internal operations at Zappos, also joined the funding round.

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