Mulberri, an innovative AI-driven embedded business insurance platform, has recently successfully closed its Series A funding round.
The recent investment round has brought in $6.75 million, led by Eos Venture Partners. Notably, existing investors such as Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners, through insurance enterprises in its portfolio, have also contributed. This injection of capital marks a pivotal moment for Mulberri, reflecting the strong confidence investors have in its business model and future prospects.
Founded just two years ago in 2021, Mulberri has carved a niche for itself by offering custom-fit insurance solutions specifically tailored for small and medium enterprises. The platform’s strength lies in its deep integrations within the HR, benefits, and payroll sectors, along with other affinity channels for SMEs.
By leveraging these partnerships, Mulberri can provide a wide range of insurance solutions, including brokerage services, risk transfer capabilities, certificate of insurance provision, and sophisticated risk engines. The company’s ecosystem and strategic partnerships grant it access to over 250 PEOs/Payroll Providers/Brokers, covering an impressive base of around 100,000 small and medium enterprises.
The primary objective of this new funding is clear: Mulberri aims to enhance its mission of assisting small enterprises in making informed, data-driven risk management decisions. This mission is articulated by Hamesh Chawla, Co-Founder and CEO of Mulberri, who emphasizes the importance of simplicity, efficiency, and transparency in fulfilling the insurance needs of SMEs. The company’s partnerships in the HR and Payroll sectors are crucial in this regard, connecting Mulberri with SMEs at vital points in their business lifecycle and ensuring timely delivery of appropriate risk solutions.
Mulberri’s unique proposition lies in addressing the historically fragmented and cumbersome insurance purchasing and policy management journey that small and medium enterprises often endure. To tackle this, the company has developed an ecosystem of services tailored to the needs of SMEs.
This includes innovative ventures like Violet Berri, a joint collaboration with Vensure Employer Services, offering a customized business insurance marketplace for PEOs and ASOs in partnership with Prism HR. Moreover, their services range from smart submission and marketplace offerings to a fully automated certificate of insurance model and a risk engine designed to aid workers’ compensation underwriters.
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