Assureful – the first insurance provider built exclusively for Amazon and eCommerce sellers – recently announced it has closed a $1.5 million pre-seed funding round led by Markd. The funding round also included participation from Greenlight Re Innovations.
The company is the first insurance provider to integrate with major e-commerce marketplaces like Amazon, Walmart, and eBay and platforms like Shopify, BigCommerce, and WooCommerce to provide customized embedded usage-based and monthly billed insurance premiums based on sellers’ actual sales volume and product categories.
The company uses Generative AI and Machine Learning to rate, price, and underwrite mandatory insurance coverage for eCommerce businesses of all sizes. And with categorization across 33,000 different product types, Assureful can deliver a more accurate range and competitive pricing to its customers. The company is licensed nationwide in the US, and as a Coverholder at Lloyd’s of London, it delegated underwriting authority.
The new funding round will accelerate Assureful’s product roadmap and customer acquisition efforts. And the company officially launched in 2023 and is currently available to eCommerce sellers across the United States.
KEY QUOTES:
“We’re thrilled to close this initial funding round and have the support of investors who believe in our vision to reinvent insurance for eCommerce sellers. Marketplaces such as Amazon and Walmart make carrying appropriate insurance mandatory. This capital will help us continue enhancing our proprietary technology and product offerings as we scale up to serve this fast-growing customer base. We’re proud to be the first in the industry taking this modern approach.”
— Rohit Nair, Founder & CEO of Assureful
“The Assureful team has deep expertise in insurance and eCommerce having scaled and exited a number of their own eCommerce companies. We believe this makes them well-positioned to be a wonderful partner to eCommerce sellers. We look forward to seeing them expand access and availability of comprehensive, fairly priced policies for what we believe is an underserved customer segment.”
— Parker Beauchamp, Managing Partner of Markd
