Mulberry Closes $22 Million Series B Financing Round to Transform the Product Protection Experience for Shoppers and Retailers
Leader in Consumer-First Product Protection to Scale Team Following New Partnership Growth and First-of-Its-Kind Browser Extension Launch
NEW YORK, October 13, 2021 (Newswire.com) - Mulberry, the consumer-first product protection platform, today announced that it has closed a $22 million Series B funding round, led by Commerce Ventures and with participation from Hudson Structured Capital Management, Ally Bank, CreditEase, and existing investors.
Mulberry delivers a best-in-class customer warranty experience seamlessly embedded into online retailers' websites and offered through a Google Chrome browser extension. With the browser extension, shoppers can get 12 months of free accident protection wherever they shop online and take advantage of the lowest rates available on longer-term plans. Meanwhile, Mulberry's brand partnership solution allows retailers to embed these offers into their customer journey to unlock incremental revenue and develop stronger relationships with their customers. Both solutions are built on Mulberry's proprietary machine learning technology that maps products to relevant protection plans in real time, enabling a vastly faster integration process for retail brands and a seamless experience for online shoppers.
Proceeds from this financing round will be used to scale the Mulberry team, especially in engineering and customer experience. The company plans to further invest in solutions that transform how shoppers get and use product protection, enabling more consumers to shop confidently with affordable warranty plans and have positive claims experiences. In addition, Mulberry will continue to invest in their flexible e-commerce integrations that empower retailers to offer great warranty protection directly to consumers. This includes custom integrations and out-of-the-box apps for Shopify, Magento, and BigCommerce.
"We're thrilled with this new investment because it will help us execute on our vision to transform the product protection experience for both shoppers and retailers," said Chinedu Eleanya, Mulberry CEO and co-founder. "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."
Mulberry has grown over 800% since the last round of fundraising in 2020. The company's consumer-centric warranty programs have attracted top-tier retail partners, including Hayneedle, FormeLife, Houzz, Neato Robotics, and TriMark. As part of the expansion over the last year, Mulberry has filled key leadership roles with executive hires from HubSpot, Lexington Insurance, NerdWallet, Stack Overflow, Toast, Trustpilot, and WeWork.
"There has historically been a lack of innovation in the product protection industry, which has prioritized profit at the expense of consumer value. We're excited to deepen our relationship with Mulberry because they're taking a truly unique approach that focuses on solving for consumers," said Matt Nichols, General Partner at Commerce Ventures. "The Mulberry browser extension flips the industry on its head by offering incredible value to the consumer upfront and making it easy for everyone to take advantage of product protection. The company's growth, customer-focus, and exceptional team makes us confident in their ability to transform how consumers experience product protection."
Mulberry is creating a better product protection experience for shoppers and brands. Mulberry's people-first platform offers affordable plans, better coverage and a great claims experience for online shoppers. Shoppers can get 12 months of free MulberryCare accident protection wherever they shop online with Mulberry's browser extension available in the Google Chrome store. Mulberry also offers flexible integration options for brands to embed protection plan offers seamlessly into their customer journey, increasing revenue and customer engagement. Learn more about Mulberry's product protection solutions at www.getmulberry.com.