Mulberri raises $4 million
Mulberri , “the first business insurance solution purpose-built for PEOs and brokers,” has closed a $4 million seed round led by Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio).
Launched in 2021, the California-based startup offers a platform for PEOs and brokers that helps with access to a variety of business insurance products. The platform provides “smart submission intake, automated quote and bind, data-driven insurance management, and easily accessible protection and monitoring services.” It also optimizes PEO business workflows, speeds up client acquisition, and provides risk analytics by integrating with multiple systems like HRIS, Payroll and others.
“For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them. We’ve been gratified by the enthusiastic response to Mulberri from investors and insurtechs alike. Looking towards the future, we’re excited to continue building out our technology so we can help even more PEOs and brokers reach their highest potential.” – Hamesh Chawla, CEO and co-founder of Mulberri.
“Business insurance processes have been long overdue for an overhaul. Mulberri recognized this problem and has developed an innovative, streamlined solution.” – Jon Soberg, managing partner at MS&AD Ventures.
“Mulberri’s embedded platform empowers each one of the critical parties – the SMB, the PEO, the broker, and the carrier – while meaningfully leveling up automation and ease of doing business for the industry as a whole. Mulberri uses the sort of convolutional neural networks that we have successfully deployed in other industries, from energy to defense. Ultimately, that means a faster-growing book of business and happier customers. Hanover is proud to partner with Hamesh and the Mulberri team to transform business insurance.” – Joseph Malchow, founding partner of Hanover Technology Investment Management.
Bottom Line: Operating in the intersection of a ‘get a quote’ button and online contact form in some (?) cases.