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Announcing Our Series B Funding to Bring Product Protection to More Shoppers

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Last year when we raised our Series A round of funding, we were a small team with a big vision: to transform product protection for the rapidly growing world of ecommerce. Since then, we’ve been hard at work to bring that vision to life—partnering with more great brands like Houzz and Neato Robotics to bring protection to their customers, launching the first direct-to-consumer browser extension to offer free protection wherever customers shop, and growing our team 5x and revenue 8x along the way.

But we’re still in the first mile of this journey with a lot of big things ahead of us. That’s why I’m excited to announce that we’ve raised a $22M Series B funding round, led by Commerce Ventures and with participation from Hudson Structured Capital Management Ltd, Ally Bank, CreditEase, and existing investors.

We’ll be putting that money to work immediately to double down on our solutions for consumers and our strategic partners. In this next phase of growth, we’ll be investing in three key areas:

  1. Consumer experience
  2. Innovative partnerships
  3. Expansive coverage

Solving for Consumers First

At Mulberry, we are driven by solving for consumers first—changing the way consumers get and experience product protection. Historically, that experience has been pretty broken at every step, from lack of availability of protection plans when shopping, to high priced and opaque coverage, to convoluted claims filing centered on denying claims.

That’s why we launched the Mulberry browser extension. Our extension allows shoppers to get product protection wherever they shop online at the best rates on the market (did someone say free??) and with an easy online dashboard to manage plans and claims.

In this next phase, we’re excited to bring easy and affordable product protection to more shoppers. And we’ll continue to improve the user experience in how the extension interacts with the shopping experience.

Building on Unique Partnerships

It’s been incredible to partner with some amazing brands who are also passionate about delivering great experiences for their customers. These ecommerce retailers see the benefit of offering value-added services to their customers to help extend the life of the products they buy and in the process, building lasting relationships and loyalty.

We’ve invested in both the technical and personal aspects of these partnerships. Firstly, our out-of-the-box integrations for ecommerce platforms like Shopify, Magento, and BigCommerce—not to mention our integrations for custom platforms—make it quick and easy to launch a new program. And right alongside that, our dedicated partnerships team works closely with each partner to solve for their unique goals, from initial launch to ongoing testing and optimization.

We’ve just scratched the surface when it comes to the innovative ways to embed product protection into the ecommerce experience. The foundation we’ve built with our technical integrations allows for continued testing and iteration on pricing, packaging, and merchandising for protection offers. We’re excited to try new approaches and share the lessons across our partner base.

Expanding Coverage

Early on, we figured out that to really innovate in the long-standing and slow-moving industry of product protection, we would need to bring the underwriting infrastructure in-house, under our control. It was a long administrative process, but well worth it.

Doing so has opened so many doors: we are able to build and launch unique programs at record speed, we can offer better economics for both retailers (in revenue) and consumers (in savings), and we can own and deliver a better customer experience at every step.

To build on these benefits, we’ll continue expanding our suite of protection offerings and developing custom programs to serve the unique needs of our partners and customers. Our goal is to bring the same great product protection experience to all of the important purchases a shopper makes.

Join Us

Building an impactful business is hard work but incredibly rewarding. Want to join us on this journey? We’re hiring across nearly every department so check out our open roles—we’d love to have you on our team!

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Chinedu Eleanya

About the author

Chinedu is Founder and CEO at Mulberry.

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