Starting a business isn’t just for people with revolutionary new ideas. Sometimes a new company can successfully arise in a well-established market by simply implementing a vision of superior service. That’s how FirstBest Systems, a provider of insurance software, has steadily prospered in its first 5 years.
Based in Bedford, Massachusetts, FirstBest has recently raised $10,000,000 of new capital for further expansion. This follows earlier funding of $6,000,000 in 2009 and $7,000,000 in 2007.
In just those few years, the corporation has progressed to obtaining repeat financing from existing investors plus tapped new sources of capital and management advice. A managing partner of a Pennsylvania private equity firm participating in the new funding is taking a seat on the corporate board of directors at FirstBest.
The most recent capital acquisition follows a 40 percent staff increase at FirstBest in 2011. In addition, the company reports higher revenue of 100 percent last year and a 125 percent rise in sales commitments.
FirstBest aims to use the new capital infusion to further propel the corporation into a leadership position of providing a vital tool for insurance front offices. Additions to the sales and marketing team are planned. Also, FirstBest is expanding its engineering personnel to support mobile applications for its customers.
FirstBest already counts some large enterprises as existing customers. This includes Pacific Compensation Insurance Company, ICW Group Insurance Companies, and Preferred Concepts, LLC.
Investors in FirstBest noted that the company founder and CEO, John Belazaire, started the business with an immediate focus on customer satisfaction. Listening to customers drives product development. The result is a company with an expanding customer base and new equity capital to support more growth.