Betterview, the insurtech company that leading insurers rely on to identify and manage real property risk, today announced the completion of a new round of funding from existing investors EMC Insurance, Guidewire Software, Nationwide, MaidenRE, and ManchesterStory.
The investment follows an exceptional 2022, during which Betterview achieved phenomenal customer growth—with 68 active insurers on the platform—and nearly doubled revenue despite a difficult macroeconomic environment. Betterview 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.
“Having been investors since 2017, we continue to be impressed with how the company is pushing the boundaries of technology and innovation in the property intelligence and risk management space,” said Brian Anderson, partner at Nationwide.
“We are excited about what Betterview has built and what it is developing in the near term, which gives us great confidence in this investment and our ongoing partnership,” added Roger Arnemann, general manager and senior vice president of Analytics at Guidewire.
This latest round of funding will help Betterview continue its phenomenal growth, support the company’s path to profitability in 2023, and provide customers with new and enhanced products and features. Recent enhancements include launching specialized risk insights for event-specific perils and a CAT-Response System, empowering insurers' rapid and proactive response to severe weather events.
“We are excited to have strong financial backing with favorable terms to continue growing rapidly and reaching profitability in 2023,” said David Lyman, co-founder and chief executive officer at Betterview. “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 chief operating officer, adds, “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.”
The terms of the round of funding were not disclosed.