Clyde raises $14 million
Clyde, the NY-based startup enabling businesses to offer extended warranties and accident protection to consumers, has raised $14 million in a Series A round led by Spark Capital with participation from Crosslink, RRE, Red Sea Ventures, Abstract Ventures, Starting Line Capital, Correlation Ventures and other individuals in the ecommerce and fintech space.
Founded in 2017, Clyde is in the space of companies such as Extend and Mulberry Technology, which offer a platform that connects retailers to insurance companies to launch and manage product protection programs.
The platform supports both in-store and online sales and it can be integrated with popular ecommerce platforms such as Shopify, Magento and BigCommerce. Once consumers decide to purchase product protection, they get an email from Clyde with access to their Clyde dashboard where they can view terms and file claims.
“Two years ago, we noticed that eCommerce companies had a tough choice to make: stay independent and forgo the ability to offer benefits like extended warranties to their customers (and lose that opportunity for better margins), or join the ecosystem of an eCommerce giant as one of a million sellers and sacrifice their brand experience. Because the vast majority of eCommerce retailers were missing out on the opportunity to better serve consumers through extended warranties, we developed Clyde, a platform that has to-date given this opportunity to more than 150 retailers and tens of thousands of their customers.” – Clyde’s blog.