Clyde is an insurance technology startup company that has raised $3 million in funding to provide better ways for companies to offer product warranties to customers, according to VentureBeat. This round of funding was led by Red Sea Ventures. RRE Ventures, Expa, Starting Line, and Rainfall Ventures also participated in this round. Clyde also recently participated in the Techstars Chicago startup accelerator program.
Founded in 2017 by Brandon Gell, Josh Scaglione, Nick Scaglione, and Jereme Holiman, Clyde has created an API for merchants that allows them to tap into the system and add product guarantee options without having to set up programs for scratch.
“We’re the first company taking a retailer-centric rather than an insurer-centric approach to the warranty space ― that’s why we’re seeing businesses large and small partnering with Clyde and why Fortune 500 retailers and insurers are reaching out to discuss integrating,” said Gell (CEO) in a statement via VentureBeat.
The idea for Clyde came together as Gell was often frustrated by trying to create a warranty program at a previous company. This process often took months to put together.
Clyde’s platform works as a plug-and-play system. The plug-in can be used by merchants on their point-of-sale or e-commerce platforms to add warranty services in just a few minutes. And then businesses can integrate insurers, set up administrators, and manage programs through a dashboard. Some of Clyde’s warranty partners include Fortegra, Velocare, New Leaf Service Contracts, and Safeware.
“Clyde’s focus on data, ease of use, and insurer marketplace is re-imaging the warranty industry from the bottom up,” added Red Sea Ventures partner Paul Strachman.