BriteCo Secures $9 Million In Series A Funding, Launches Major Expansion of Innovative Direct-to-Consumer Jewelry Insurance Platform

GlobeNewswire

CHICAGO, April 06, 2022 (GLOBE NEWSWIRE) -- BriteCo, a leading direct-to-consumer jewelry and watch insurance company, today announced a $9 million Series A investment led by Brand Foundry Ventures. Additional investors in the round include Western Technology Investment and Hyde Park Angels. 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,” says Dustin Lemick, Founder and CEO of 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,” says Brand Foundry Ventures General Partner, Brian Spaly, who is joining BriteCo’s board of directors.

Angel investors who contributed to the Series A include Caribou Honig and Jay Weintraub. Honig was an early executive at Capital One and is co-founder of QED Investors, a venture fund focused on catalyzing the digital transformation of financial services and insurance industries. 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 product and internal operations at Zappos, also joins the current round.

About BriteCo
Established in 2018 by a third-generation retail jeweler, BriteCo is a leading insurance technology company focused on transforming the jewelry insurance industry for the digital age. BriteCo has democratized the process of buying A + rated jewelry and watch insurance for consumers with an easy-to-use online application, superior coverage in minutes, and an affordable subscription-like monthly payment option.