Product Protection Platform Mulberry Raises $22 Million In Series B

By Noah Long ● Oct 17, 2021
  • Mulberry — a consumer-first product protection platform — announced recently that it has closed a $22 million Series B funding round. These are the details.

Mulberry — a consumer-first product protection platform — announced recently that it has closed a $22 million Series B funding round. This funding round was led by Commerce Ventures and with participation from Hudson Structured Capital Management, Ally Bank, CreditEase, and existing investors.

 Mulberry delivers a customer warranty experience seamlessly embedded into online retailers’ websites and offered through a Google Chrome browser extension. And 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.

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. And 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.

 The proceeds from this funding 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. And 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.

Mulberry grew over 800% since the last round of fundraising in 2020. And the company’s consumer-centric warranty programs have attracted top-tier retail partners, including Hayneedle, FormeLife, Houzz, Neato Robotics, and TriMark. And 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.

KEY QUOTES:

“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. 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.”

— Chinedu Eleanya, Mulberry CEO and co-founder

 “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. 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.”

— Matt Nichols, General Partner at Commerce Ventures