FirstBest raises $7 million
FirstBest Systems Inc. of Lexington today announced the completion of a $7 million round of series A funding led by IDG Ventures Boston, a venture capital firm.
In a statement, IDG Ventures Boston general partner Chip Hazard described FirstBest's business model.
"FirstBest was formed to address an unmet need in the commercial property and casualty insurance market," Hazard said in his statement. "Current market forces are putting intense pressure on insurance carriers' profitability, especially in the mid-tier market, focusing their attention on the underwriting process. FirstBest has developed a new category of business solution specifically to address their underwriting challenges, leveraging the latest Web 2.0 technologies."
(By Chris Reidy, Globe staff)
