We founded Mulberry with a vision for transforming the extended warranty experience for retailers and consumers. Today, we are excited to announce a major milestone on that journey.
Mulberry has raised $10 million in Series A financing led by Pace Capital. We are elated to have Jordan Cooper, General Partner of Pace Capital, join our Board of Directors. Other participating investors include G20 Ventures, Quiet Capital, Founder Collective, Commerce Ventures, Entrepreneurs Roundtable Accelerator, and Tuhaye Ventures.
The extended warranty product has been run on paper for decades in brick & mortar stores across the United States and has been a huge profit driver for big box retailers (Best Buy, etc), but has historically been unavailable for small to mid-sized retailers to offer online due to a fundamental lack of infrastructure within the industry. In addition, the consumer experience has historically been substandard and full of friction during claims filing.
At our previous company Katapult (fka Zibby), we encountered and resolved a similar problem as we worked to bring the lease-to-own industry online and give e-commerce retailers access to an alternative payment option.
In building Mulberry, we have focused on two key goals. Firstly, providing a suite of APIs and plugins to allow retailers on any e-commerce platform to launch an extended warranty add-on in real-time, with minimal technical resources. Secondly, transforming the consumer experience by doubling down on transparency and ease of use.
We have worked diligently at these goals, culminating in our recent launches within the Shopify and Magento app stores. Today, retailers on both platforms can install and launch Mulberry in just a few clicks. Along the way, we have built an industry leading consumer platform, allowing consumers to manage their warranty plans and file claims, all in real-time.
We have been fortunate to work with many of the leading e-commerce retailers as their extended warranty platform over the past two years, and our mission has only become more pertinent as e-commerce undergoes rapid transformation and growth.
As we enter the next phase of our journey, we’re hiring for several roles. If you’re interested in working or partnering with us, please reach out.
Lee, Ashley, Ali, Chinedu