Blue Cod Technologies, a Marlborough, Mass.-based provider of outsourcing and hosted policy administration services to the property and casualty insurance industry, has raised $8 million in new VC funding. General Electric Pension Trust led the round, and was joined by return backer Edison Venture Fund.
Edison Venture Fund is pleased to announce the completion of $8 million follow-on financing in Blue Cod Technologies led by General Electric Pension Trust. Edison has invested $5 million cumulatively. Proceeds accelerate Blue Cod’s expansion of development, sales and operations.
Blue Cod delivers a broad range of innovative solutions to the property and casualty insurance industry. Numerous carriers benefit from their outsourcing services and hosted policy administration. Blue Cod was recognized among Red Herring’s Top 100 Technology Companies in North America and Top 10 Software and Hardware Companies in Central Massachusetts by Worcester Business Journal.
“General Electric’s investment will fuel Blue Cod’s rapid expansion toward market leadership,” stated Tom Vander Schaaff, Edison VP and member of Blue Cod’s Board of Directors. “Our diligence documented substantial return on investment by clients.”
“Edison’s strategic guidance and extensive network has been instrumental to our growth and success,” stated Jeff Brown, CEO.
Edison invested in 34 Financial Technology companies. Successful exits include Best Software, DPM, Edgetrade, E-Transport, Incurrent, Longview Solutions and Princeton Financial. Active portfolio companies include Archive Systems, Billtrust, Business Financial Systems, Correctnet, FolioDynamix, Gain Capital, Liberty Tax, Neat, Scivantage, Tangoe and TraderTools.
Edison financed 23 New England based companies including CambridgeSoft, DiagnosisONE, Inmagic, Maptuit, PlumChoice, RewardsNOW, SellMyTimeshareNOW, Sonicbids, and VFA. Successful exits include Marcam, MathSoft, Netegrity, ReTec and TyLink.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to late stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as the sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s investment professionals are based in Lawrenceville, NJ, New York, NY, Needham, MA and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, and healthcare IT. Edison’s successes include Act!, Axent, Dendrite, Liberty Tax, InSoft, POMS, Visual Networks, VirtualEdge, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Venture currently has $600 million under management and is actively making new investments. www.edisonventure.com
About Blue Cod Technologies, Inc.
Blue Cod Technologies, Inc. delivers innovative solutions and services for organizations in the property and casualty insurance industry. Our hosted policy administration solution and broad spectrum of BPO (Business Process Outsourcing) services offer a complete solution for start-up carriers and companies considering venturing into new markets. Through our specialized products and services, we provide insurance companies with rapid deployment of new insurance products, enhanced disaster recovery capabilities, custom-application development, enterprise systems integration, and web-extension of enterprise systems. For more information visit http://www.bluecod.net/.