Mulberry raises $22 million

Mulberry Technology announced a $22 million Series B funding round led by Commerce Ventures and with participation from Hudson Structured Capital Management, Ally Bank, CreditEase, and existing investors.

Founded in 2018, Mulberry is bringing product protection to more consumers by embedding it into online retailers’ websites and through a Google Chrome browser extension. The startup has attracted several retail partners such as Hayneedle, FormeLife, Houzz, Neato Robotics, and TriMark.

“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.

Bottom Line: Competing with Assurant, Allstate Protection Plans, Extend, Clyde and others.