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Based in Evanston, Illinois, BriteCo is an insurtech company that provides digital jewelry and watch insurance policies directly to consumers through integrated retail jeweler partnerships. The technology platform streamlines the traditional appraisal and claims process at the point of purchase, offering insurance coverage up to 125 percent of the item's appraised value with zero deductibles. By targeting the broader jewelry retail sector, the business model generates recurring revenue through premiums collected from individual buyers seeking asset protection for their newly purchased fine jewelry. To scale its national operations across virtually every United States jurisdiction, the enterprise raised $2 million in a 2019 seed funding round backed by notable angel investors, including Trunk Club founder Brian Spaly and former Cole Taylor Bank chairman Jeff Taylor. BriteCo was officially founded in 2018 by third-generation jeweler Dustin Lemick.
BriteCo has raised $11.0M across 2 funding rounds.
BriteCo has raised $11.0M in total across 2 funding rounds.
# BriteCo: Jewelry Insurance Meets Insurtech Innovation
BriteCo is an insurtech startup that digitizes jewelry and watch insurance through point-of-sale technology and direct-to-consumer channels.[1][2] The company solves a critical friction point in the jewelry industry: the traditionally slow, opaque, and consumer-unfriendly process of appraising jewelry and securing insurance coverage. BriteCo's platform enables jewelers to generate accurate appraisals in minutes using proprietary algorithms, then instantly offers consumers insurance policies they can purchase before leaving the store—or online through BriteCo's direct channel.[1][4]
The company serves two distinct customer segments: independent jewelers (who use BriteCo's appraisal software free of charge) and jewelry buyers seeking convenient, transparent insurance options.[1][2] By positioning itself at the intersection of retail convenience and insurance accessibility, BriteCo has established itself as a leader in the emerging jewelry insurtech space since its founding in 2017.[4]
BriteCo was founded by David Lemick, a third-generation jeweler and CEO who brought over 13 years of hands-on experience working in jewelry shops.[1][3] The company's genesis reflects authentic industry insight rather than external opportunism. Lemick developed the concept while performing appraisals and handling insurance claims—directly experiencing the pain points that frustrated both jewelers and customers.[1] His frustration with the cumbersome insurance process became the catalyst for building a technology solution that could standardize appraisals, reduce processing time, and improve the customer experience.[1]
This founder-led approach—rooted in deep domain expertise—positioned BriteCo to address real market inefficiencies from day one, rather than imposing external assumptions onto the jewelry industry.
BriteCo exemplifies the insurtech wave reshaping traditional insurance distribution.[4] As consumers—particularly Millennials and Gen Z—increasingly demand fintech solutions for banking, lending, and other financial services, insurance has become a natural target for digital disruption.[4] BriteCo's success reflects broader market forces: the shift toward convenience, accessibility, and transparency in financial services; the fragmentation of retail (making point-of-sale insurance increasingly valuable); and the growing acceptance of online purchasing for traditionally offline products.
By establishing the jewelry insurance technology category in 2017, BriteCo has influenced how the broader insurance industry thinks about embedded, frictionless coverage at moments of purchase.[4] The company's two-sided marketplace model—serving both jewelers and consumers—creates network effects that strengthen its competitive moat as it scales.
BriteCo has successfully solved a niche but high-value problem: making jewelry insurance as frictionless as the purchase itself. The company's founder-led approach, combined with its dual distribution model and consumer-friendly policy design, positions it well to capture market share in an underserved segment.
Looking ahead, BriteCo's growth will likely depend on deepening jeweler partnerships, expanding its direct-to-consumer channel, and potentially extending its technology platform to adjacent luxury goods (watches, fine art, collectibles). As insurtech continues to mature and consumer expectations for embedded financial services rise, BriteCo's early-mover advantage in jewelry insurance—combined with its technology infrastructure—could enable it to become a broader luxury goods insurance platform. The company's ability to maintain jeweler relationships while building direct consumer loyalty will be critical to its long-term trajectory.
BriteCo has raised $11.0M across 2 funding rounds. Most recently, it raised $9.0M Series A in April 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 1, 2022 | $9M Series A | Brand Foundry Ventures | Kevin Hartz, Alumni Ventures, Broadway Angels, Comeback Capital, DNX Ventures, Flex Capital, Lazerow Ventures, Listen, NextGen Venture Partners, Quadratura.it, Recursive Ventures, Richmond Global Ventures, Saints Capital, Sempervirens Venture Capital, SignalFire, Slow Ventures, SNR, Spark Capital, WGI Group, Adam D'angelo, Brian O'kelley, Charlie Songhurst, David Chang, Diane Hessan, Eric Ries, Eric Stein, Ethan Beard, Evangelos Simoudis, Jeremy Lizt, Joanna Rees, JOE Zawadzki, KIM Perell, Mark Gerson, RON Hirson, Russell Fradin, Russ Fradin, Scott Faber, Tien Tzuo, Travis MAY, Warren Jenson, Caribou Honig, JAY Weintraub, John Bunch, Eric Jaffee, Western Technology Investment | Announced |
| Mar 1, 2019 | $2M Seed | Jeff Taylor | Alumni Ventures, Brand Foundry Ventures, Listen, NextGen Venture Partners, David Chang, Diane Hessan, Brian Spaly | Announced |
BriteCo has raised $11.0M in total across 2 funding rounds.
BriteCo's investors include Brand Foundry Ventures, Kevin Hartz, Alumni Ventures, Broadway Angels, Comeback Capital, DNX Ventures, Flex Capital, Lazerow Ventures, Listen, NextGen Venture Partners, quadratura.it, Recursive Ventures.
