Betterview, an insurtech company that allows insurers to identify and manage real property risk, has announced it has completed a new round of funding of undisclosed amount.
Backers included existing investors EMC Insurance, Guidewire Software, Nationwide, MaidenRE, and ManchesterStory.
The company intends to use the funds to continue its growth, support the company’s path to profitability in 2023, and provide customers with new and enhanced products and features.
Recent enhancements include launching specialised risk insights for event-specific perils and a CAT-Response System, empowering insurers’ rapid and proactive response to severe weather events.
David Lyman, co-founder and CEO at Betterview, said: “We are excited to have strong financial backing with favourable terms to continue growing rapidly and reaching profitability in 2023.
“This investment helps us continue to improve our product and customer support functions as we deliver a best-in-class experience, empowering insurers to identify and manage real property risk.”
David Tobias, co-founder and COO, added: “Beyond this additional financial commitment, the investment aligns us tighter with our strategic partners in the round who share our mission to predict and prevent real property losses, improve operational efficiency for insurers, and build a better customer experience.”
This investment follows an “exceptional” 2022, as described by Betterview. During this year, the firm achieved “phenomenal” customer growth – with 68 active insurers on the platform – and nearly doubled revenue despite a difficult macroeconomic environment.
It also increased strategic partnerships with geospatial and property intelligence providers, including HazardHub (from Guidewire), e2Value, Canopy Weather, Redzone, Iceye, and JMI Reports, expanding the Betterview PartnerHub ecosystem to 37 companies.
