Mulberry Closes $22 Million Series B Financing Round to Transform the Product Protection Experience for Shoppers and Retailers

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Mulberry, the consumer-first product extortion platform, contiguous announced that it has closed a $22 cardinal Series B backing round, led by Commerce Ventures and with information from Hudson Structured Capital Management, Ally Bank, CreditEase, and existing investors.

Mulberry delivers a best-in-class lawsuit warranty acquisition seamlessly embedded into online retailers’ websites and offered done a Google Chrome browser extension. With the browser extension, shoppers tin get 12 months of escaped mishap extortion wherever they store online and instrumentality vantage of the lowest rates disposable connected longer-term plans. Meanwhile, Mulberry’s marque concern solution allows retailers to embed these offers into their lawsuit travel to unlock incremental gross and make stronger relationships with their customers. Both solutions are built connected Mulberry’s proprietary instrumentality learning exertion that maps products to applicable extortion plans successful existent time, enabling a vastly faster integration process for retail brands and a seamless acquisition for online shoppers.

Proceeds from this financing circular volition beryllium utilized to standard the Mulberry team, particularly successful engineering and lawsuit experience. The institution plans to further put successful solutions that alteration however shoppers get and usage merchandise protection, enabling much consumers to store confidently with affordable warranty plans and person affirmative claims experiences. In addition, Mulberry volition proceed to put successful their flexible ecommerce integrations that empower retailers to connection large warranty extortion straight to consumers. This includes customized integrations and out-of-the-box apps for Shopify, Magento, and BigCommerce.

“We’re thrilled with this caller concern due to the fact that it volition assistance america execute connected our imaginativeness to alteration the merchandise extortion acquisition for some shoppers and retailers,” said Chinedu Eleanya, Mulberry CEO and co-founder. “Many shoppers person not been capable to instrumentality vantage of merchandise protection, either due to the fact that the retailers with whom they store don’t supply it oregon the offers they’ve seen person provided excessively small worth for excessively precocious a cost. We privation to marque merchandise extortion disposable to each consumers by offering affordable extortion wherever they store online and delivering a large acquisition from acquisition to claim.”

Mulberry has grown implicit 800% since the past circular of fundraising successful 2020. The company’s consumer-centric warranty programs person attracted top-tier retail partners, including Hayneedle, FormeLife, Houzz, Neato Robotics, and TriMark. As portion of the enlargement implicit the past year, Mulberry has filled cardinal enactment roles with enforcement hires from HubSpot, Lexington Insurance, NerdWallet, Stack Overflow, Toast, Trustpilot, and WeWork.

“There has historically been a deficiency of innovation successful the merchandise extortion industry, which has prioritized nett astatine the disbursal of user value. We’re excited to deepen our narration with Mulberry due to the fact that they’re taking a genuinely unsocial attack that focuses connected solving for consumers,” said Matt Nichols, General Partner astatine Commerce Ventures. “The Mulberry browser hold flips the manufacture connected its caput by offering unthinkable worth to the user upfront and making it casual for everyone to instrumentality vantage of merchandise protection. The company’s growth, customer-focus, and exceptional squad makes america assured successful their quality to alteration however consumers acquisition merchandise protection.”

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