New York-based eReinsure, a provider of e-commerce technology to the insurance and reinsurance industries, has secured $5 million funding from Century Capital Partners III, an investment fund managed by Century Capital Management.
The vendor says the investment will strengthen its balance sheet and further accelerate expansion plans.
Igor Best-Devereux, CEO of eReinsure, says: "We're convinced that this is very important to our customers who want to see a widely-adopted neutral platform in the marketplace."
It was also announced that Davis Fulkerson, managing director at Boston-based Century Capital Management, will be joining eReinsure's board of directors.
"eReinsure has the potential to take a leading market position, as more insurers seek tools to improve operating performance," he says.
The eReinsure platform became operational in October 2001 and the vendor says it now has 1600 registered users.
The firm has offices in both New York and London and a technology development centre in Salt Lake City, Utah.