New York, NY (September 14, 2021) — BriteCore, a leading provider of next-generation core platforms for P&C insurers, today announced the appointment of Ray Villeneuve as CEO and the completion of a $20 million Series C financing. The two strategic milestones move to further accelerate BriteCore’s growth and momentum as a leading provider of modern cloud-based core systems software for property and casualty (P&C) insurers.
Ray Villeneuve has been leading tech companies for the past two decades. His executive experience includes launching and scaling up tech organizations in enterprise SaaS, machine learning, and artificial intelligence domains. These include Quartic.ai, Reflektion, Virtana (Virtual Instruments), Skytree, Riverbed, and NetApp. He has refined strategies, built successful teams, inspired innovations valued by enterprise customers, enhanced customer-facing operations, raised capital, and accelerated growth for companies throughout his career.
“Insurers are saddled with legacy technologies that block them from engaging with their customers, responding to market opportunities, and growing their businesses,” commented Ray Villeneuve. “The BriteCore team has built a lightweight and nimble cloud-based platform that is transforming how insurers operate, enabling them to reduce operating costs, achieve unprecedented growth, and minimize policyholder churn. BriteCore is positioned for growth and scaling in this market. As we continue to deliver value and ongoing modernization to our customers, I’m excited about this great opportunity ahead of us and look forward to leading the BriteCore team.”
In tandem with Ray joining BriteCore as CEO, the Company announced a $20 million Series C financing, led by existing investor, Warburg Pincus, a leading global growth investor, with additional participation from existing investor Radian Capital. The financing enables BriteCore to continue investing in its next-generation platform and scaling customer-focused services.
Alex Stratoudakis, Managing Director at Warburg Pincus, commented, “BriteCore’s modern, cloud-native platform sets it apart as a leader in the market segments it serves. We have great confidence in Ray and the BriteCore team in their continued success.”
Jordan Bettman, Managing Partner at Radian Capital added, “We have been a long-term investor in BriteCore and are excited about our continued partnership. The company’s highly-configurable platform for tech-focused carriers and MGAs comes at a time when the insurance industry is seeing accelerated adoption of modern software platforms.”
The BriteCore community continues its steady growth. Over the past year BriteCore has signed 18 new logos. The company now supports over 80 insurance carriers and MGAs. Customers are in production in all fifty states and are using BriteCore in support of a wide array of insurance products that span personal lines (including personal auto), commercial lines, and specialty lines of business
BriteCore is a cloud-native platform for P&C insurers that unlocks business growth, enhances the customer experience, and delivers great efficiency gains. BriteCore provides end-to-end support for insurance operations that includes policy administration, an agent and policyholder portal, rapid product configuration, underwriting rules and rating, billing management, claims management, document management, and reporting. As a cloud-native solution, BriteCore is continually updated for maximum security, efficiency, and durability at scale.
For more information, visit www.britecore.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $64 billion in private equity assets under management. The firm’s active portfolio of more than 205 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. The firm is an active investor in the insurance and fintech sectors globally, with investments including Aeolus Re, Arch Capital, Clearwater Analytics, Foundation Risk Partners, McGill and Partners, Reorg Research, Sagent Lending, SCM Insurance, and Varo, among others. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $94 billion in over 940 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.
About Radian Capital
Founded in 2016 and headquartered in New York City, Radian Capital is a $500 million growth equity firm focused on enterprise software and technology-enabled services. Radian is a team of investors and entrepreneurs that partners with strong management teams to help these companies systematically accelerate growth and innovation. Radian has invested in numerous fast-growing software companies across vertical SaaS, financial technology, healthcare, and e-commerce. For more information, please visit www.radiancapital.com.