Extend raises $260 million in Series C
San Francisco-based startup allowing merchants to offer product protection plans for their customers Extend announced a $260 million Series C funding round led by SoftBank Vision Fund 2. The funding round also includes participation from existing investors Meritech Capital Partners, PayPal Ventures and GreatPoint Ventures, and new investors Nationwide, Tomales Bay Capital, Launchpad Capital, 10X Capital and 40 North. This round brings Extend’s total funding to more than $315 million with a $1.6 billion valuation.
Founded in 2019 and currently a team of 169 according to LinkedIn, Extend offers a plugin that works with ecommerce platforms such as Shopify, Magento, Big Commerce, Salesforce Commerce Cloud, Hybris, 3DCart, and others, along with an API solution for those with a custom online store. The company projects that its revenue will continue to climb by more than 400% in 2021. Additionally, Extend sold over 300,000 protection plans in 2020, and is on track to sell more than three million protection plans in 2021 alone. Extend has continued to expand its marquee merchant partners which now include Peloton, iRobot, Harman/JBL, Backcountry, Balsam Hill, BlendJet, RealTruck, Traeger Grills and others.
“With this new injection of capital and vote of confidence from our investors, Extend is in a strong position to continue to invest in building best-in-class product protection that serves our merchant partners and their customers. We started Extend to provide a product protection solution that eliminated the frustration and ‘gotchas’ associated with the legacy offerings in the market today. SoftBank equally shares in our long-term vision and we are thrilled to welcome them, and our other new investors, to the company.” – Woodrow Levin, CEO and Co-founder of Extend.
“As more consumers shop online, merchants are keen to provide customers with a greater peace of mind when making purchases. We believe Extend is reinventing the extended warranty industry through its leading platform, API solutions, and consumer-first approach. We are pleased to work with Woody and the Extend team to support their ambition of providing a better way for consumers to protect the products they love.” – Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers.
“Our products become an integral part of our customers’ lives in sharing great experiences with family and friends. Extend enables us to take more ownership over our post-purchase relationship and provide options to our customers to ensure they can use their grills and share amazing meals and moments for years to come. We see Extend as a strategic offering that increases our product lifespan, creates advocates and improves our customer loyalty.” – Corey L. Savory-Venzke, VP CX and Service at Traeger Grills.