Sun. Sep 25th, 2022

BriteCo Raises $9 Million Series A to Transform How Consumers Buy Jewelry Insurance

It is my pleasure to announce that we have raised $9 million dollars in our Series A Funding round! We welcome Brand Foundry Ventures, Western Technology Investment, and Hyde Park Angels as new partners on this incredible ride. I am so proud and grateful of the support and belief of our mission.

You can read more about the official news here.

The BriteCo journey has been one of intense, tremendous growth. From the expansion to +3,000 jeweler partners to an ecstatic direct-to-consumer base that has been growing tremendously since launch, it has been amazing to be part of a talented, growing team that achieved this with their skill, hard work, and customer-centric focus.

What do we do?

For consumers looking to insure fine jewelry such as an engagement ring and wedding band, BriteCo provides a fast, easy and affordable way to get an instant quote for replacement jewelry insurance from their desktop, tablet, or smartphone in 60 seconds or less at brite.co.  By providing basic information, answering a few questions, and selecting payment options, our customers can be fully insured worldwide for loss, theft, damage, or disappearance in under two minutes.

With policies available as low as $5 per month and licensed in all 50 states plus DC, our jewelry insurance customers get:

  • Full replacement coverage at 125% of appraised value
  • A+ rated coverage with no deductibles on standard policies
  • Additional person insured at no extra cost
  • Preventative maintenance coverage
  • Option to pay monthly by credit or debit card, with a 5% discount if premiums are paid annually.

For retail jewelers, BriteCo offers a free, cloud-based software service that streamlines the appraisal process saving the jeweler time and money. Once an appraisal is finalized, their customers automatically receive a no obligation jewelry insurance quote via text or email directly from BriteCo—letting their customers get insurance coverage in a minute or less at the point of sale.

Bottom line: We’ve taken what has been a time consuming, often confusing process in the past, and made it as easy and frictionless as possible for anyone to get the peace of mind knowing their precious jewelry items are fully insured.

Customers Love Us

One of the most satisfying parts of this journey has been the tremendous reviews from our customers. We begin all new product explorations with our end user in mind, and then make constant improvements based on customer feedback.

Our direct-to-consumer customers have been giving us regular feedback on what our fast, easy, and affordable insurance product means to them.

customer reviews

Our jeweler partners have told us that our appraisal system has literally changed their lives, saving them huge amounts of time that they can now spend on servicing their own customers.

“They’ve changed the way we do appraisals! I can’t say enough!”

“I just wanted to say that BriteCo is awesome!”

“Customers are given the opportunity to insure their jewelry on the spot!”

“They’ve totally streamlined the appraisal process!”

Andrew Elawar at Chrysella
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Andrew at Chrysella

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Fabian at Nasr Jewelers
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Fabian at Nasr Jewelers

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Bill at Mark Peters Jewelers discussing the simple appraisal process using BriteCo
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Bill at Mark Peters Jewelers

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Howie at Robert Irwin Jewelers

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The Future is Brite!

With research indicating 40% to 50% of fine jewelry purchasers do not get insurance coverage because they think it’s too expensive, or don’t know how to get it, BriteCo has transformed the entire jewelry insurance buying experience—making it easier, faster and more affordable than ever before.

We couldn’t have done it without you, our valued customers, our jeweler partners, investors and our amazing and growing BriteCo team. Thank you! Together we will continue to grow and improve our best in class services on this incredible journey.

Dustin Lemick
Founder & CEO

SOURCE https://brite.co/blog/briteco-raises-9-million-series-a/

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