BriteCo, the largest direct-to consumer jewelry and watch insurance company in the world, announced today a $9 Million Series A investment, led by Brand Foundry Ventures. Western Technology Investment, Hyde Park Angels and Hyde Park Angels were also part of the round. The funding will help insurtech company BriteCo grow its customer base and fulfill the company’s mission to bring the jewelry insurance experience into the digital age.
BriteCo’s specialized jewelry insurance online platform enables customers to receive a custom insurance quote in 60 seconds and A+ rated coverage for theft, loss, damage, and mysterious disappearance in under two minutes. With the support of BriteCo’s strategic partner and investor, Hannover Re, BriteCo has developed a more accessible jewelry insurance product with better prices and coverage.
“At BriteCo, we’ve democratized the jewelry insurance market by making the process of buying jewelry insurance faster, easier and more affordable than ever before,” Dustin Lemick, founder and CEO at BriteCo. “Developing a unique, specialized jewelry insurance program and gaining efficiencies with proprietary underwriting tools,” he continued, “allows us to offer a highly competitive product in an industry that’s lagged in leveraging digital technology to improve the consumer buying experience.”
“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,” Brian Spaly, Brand Foundry Ventures General Partnership, said, who is joining BriteCo’s board of directors.
Jay Weintraub and Caribou Honig were angel investors that contributed to Series A. Honig, who was an executive at Capital One, is co-founder and CEO of QED Investors. This venture fund focuses on accelerating the digital transformation in financial services and insurance. Weintraub founded LeadsCon, the world’s largest gathering of vertical media professionals and brands. In 2016, Honig and Jay Weintraub founded InsureTech Connect, the world’s largest gathering of entrepreneurs, investors, and industry executives which has drawn more than 7500 attendees. John Bunch (previously head of Zappos’ internal product and operations) joins the current round.