Michael Schwab & Big Sky Partners Backs ProcessClaims.com
12 September 2000
Michael Schwab & Big Sky Partners Backs ProcessClaims.com
IRVINE, Calif.--Sept. 12, 2000--ProcessClaims.com (www.processclaims.com), a leading Internet-based auto claims solution provider, Tuesday announced the closing of its first outside investment round led by Michael Schwab and Big Sky Partners.The investment places the company's funding over $5 million to date. Other investors in this round included the Orange County Tech Coast Angels and Springboard Capital.
With two contracts signed with insurance companies, and five additional live pilot projects, Processclaims.com has successfully transacted thousands of material damage claim assignments between the insurance industry and its partners via the Internet in the $130 billion claims market.
CEO Paul Farber, former chief operating officer of 21st Century Insurance, leads ProcessClaims.com's diversely experienced executive team of collision repair, insurance and claims management professionals including Chuck Rich, David Ferrara, David Boden and Dave March.
"My decision to further invest in ProcessClaims.com is a direct reflection of the business model and what I've seen accomplished by the executive team in the past several months," stated Schwab.
"I believe Processclaims.com possesses the right combination of industry expertise, innovative technology, and a solid, profitable business plan that does not require a lot of capital. These factors position the company to deliver on their plan and ensure long-term success."
Schwab's commitment to ProcessClaims.com will be instrumental in the next phase of the company's growth. "Michael has been one of the strongest supporters of ProcessClaims.com since the beginning of our company," stated Farber.
"He believed in us back when the company was simply a concept on paper, and we consider it a real accomplishment to have his support and guidance, along with the other investors', fueling our expansion to the next level."
"We've looked at a lot of young companies, and this group is delivering real products and value to this $130 billion market. That's why Springboard jumped in to help ProcessClaims.com continue with its momentum. If the company only captures a percentage of the claims market, it will be extremely successful," stated Randy Stratford, Springboard Capital CEO & general partner.
Schwab is joining the ProcessClaims.com board of directors, along with Dave March of the Tech Coast Angels. Along with Schwab and March, ProcessClaims.com investors include Bryan Rutberg (UBS Warburg), Iggy Fanlo (DealTime.com), Juno Madan (Neptune Capital) and Isabel Maxwell (Commtouch.com).
Big Sky Partners (www.bigskyvc.com) located in San Francisco, is the leading online network of networks. Big Sky empowers "next-gen innovation" by providing financial support to high tech start-up ventures. Other portfolio companies include BusinessDevelopment.com, Transactions Unlimited and NextSet Software.
ProcessClaims.com is the Internet-based bridge linking the insurance and collision repair industries and their trading partners. By harnessing the power of the World Wide Web and applying its unique data translation technology and industry expertise, the company provides the auto claims industry with the freedom to do business more efficiently and cost effectively.
For more information contact the company at 877.9CLAIM9 (877/925-2469) or visit the company's Web site at www.processclaims.com.