Product protection startup Mulberry gets funding boost

Mulberry, which provides product protection services to consumers, has collected $22m in its Series B round.

Commerce Ventures served as the lead investor, with commitments also coming from Hudson Structured Capital Management, Ally Bank, CreditEase and several unnamed existing investors.

With the capital, the InsurTech company hopes to hire more staff, with a focus on its engineering and customer experience teams.

Funds will also be used to build new tools that transform how shoppers get and use product protection. Its aim is to help consumers shop more confidently with affordable warranty plans and have a positive claims experience.

As part of its growth, the company will enhance its e-commerce integrations that empower retailers to offer warranty.

Mulberry enables online retailers to embed customer warranty experiences. Through a Google browser extension, a shop can easily offer shoppers 12 months of free accident protection when they shop online.

Its technology leverages machine learning to find relevant protection plans int real-time.

Since the InsurTech raised its previous funding round in January 2020, it has experienced 800% growth.

Mulberry CEO and co-founder Chinedu Eleanya said, “Many shoppers have not been able to take advantage of product protection, either because the retailers with whom they shop don’t provide it or the offers they’ve seen have provided too little value for too high a cost.

“We want to make product protection available to all consumers by offering affordable protection wherever they shop online and delivering a great experience from purchase to claim.”

This is one of a handful of InsurTech funding rounds this week. Cyber insurance platform At-Bay closed a $20m extension to its Series D round, which support its move into new markets.

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