Upsie raises $18.2 million
Minneapolis-based warranty insurance provider Upsie has raised a $18.2 million fundraising round led by True Ventures. Other participants include Concrete Rose VC, Avanta Ventures , the venture capital arm of CSAA Insurance Group , Kapor Capital, and Samsung Next.
Founded in 2013, Upsie (a team of 19) offers a consumer-friendly platform for purchasing product warranties. The company claims to save its customers up to 70% compared to competitor warranty plans. “We want more people to be able to protect what they buy with their hard-earned money. Removing the worry around paying out of pocket to repair, say, your kid’s laptop is huge for families who have had to go with remote learning when the system doesn’t make this easy for everyone.” – Upsie Founder Clarence Bethea.
Upsie customers can purchase a warranty online. They have up to 120 days to purchase smartphone protection, 11 months to purchase appliance, TV and fitness equipment protection, and up to 60 days for other consumer electronics. Customers can start a claim on the Upsie platform or call the 24/7/365 U.S.-based claim center directly. Additionally, customers can transfer and cancel warranties online. All warranty information, including a copy of your product receipt, is stored in one place and is accessible at any time.
“Clarence and his team have created an incredible and joyful experience for customers purchasing consumer warranties, which is no small feat given where the industry has been. We love the unique impact they are making and the passion the entire Upsie team has around putting consumers first.” – Puneet Agarwal, partner at True Ventures.