Mulberry, a NYC-based consumer-first product protection platform, closed a $22m Series B funding round.
The round was led by Commerce Ventures with participation from Hudson Structured Capital Management, Ally Bank, CreditEase, and existing investors.
The company intends to use the proceeds to scale the team, especially in engineering and customer experience, to further invest in new solutions and in their flexible ecommerce integrations.
Led by Chinedu Eleanya, CEO, Mulberry delivers a customer warranty experience 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, the company’s brand partnership solution allows retailers to embed these offers into their customer journey to create incremental revenue and develop 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 faster integration process for retail brands and a seamless experience for online shoppers.
The company’s consumer-centric warranty programs have attracted retail partners, including Hayneedle, FormeLife, Houzz, Neato Robotics, and TriMark.