Extend, a San Francisco, CA-based provider of modern product protection, raised $40m in Series B funding.
The round – which brought funding to $56m – was led by Meritech Capital, with participation from PayPal Ventures as well as existing investors Great Point Ventures and Shah Capital Partners.
The company intends to use the funds to continue to develop its extended warranty platform, build new features, and further expand its software development and sales teams.
Led by Woodrow Levin, CEO and Co-Founder, Extend provides a way for merchants to integrate an extended warranty program into eCommerce platforms including Shopify, Magento, Big Commerce, Salesforce Commerce Cloud, Hybris, 3DCart, and supports custom solutions through their APIs. The solution enables protection plan sales online, in call centers, through email, with in-box offers, in-store, and more. Extended warranties provide merchants with a new revenue stream and give customers greater peace of mind when making purchase decisions.
The company also announced new partnerships with Peloton, iRobot, Harman / JBL, Advance Auto Parts,Traeger Grills, BlendJet, SoClean, 1More, August Home, Balsam Hill, NewAir, Evolve Skateboards, and others. Extend enables these merchants to offer customers an up-leveled extended warranty experience, while also increasing their margins and bottom-line profit.