# Mulberry Technology

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mulberry-technology

- Industry: Insurance
- Headquarters: New York, US
- Website: www.getmulberry.com
- Total disclosed funding: $35M
- Latest round: Series B (Oct 13, 2021)
- Investors on record: 11

## About

Mulberry Technology Inc. offers innovative product protection services tailored to ensure consumer safety against accidental damage and loss, enhancing customer confidence across retail sectors.Founded in 2018 and headquartered in New York, US, Mulberry Technology Inc. specializes in product protection services. The company has raised a total of USD 22.00 mn across various funding rounds, with the latest being a Series B round led by Commerce Ventures. The founders include Ali Chaudry, Ashley Korody, Chinedu Eleanya, and Lee Johnson, with Chinedu Eleanya serving as the CEO.Mulberry specializes in product protection services aimed at ensuring consumer peace of mind regarding accidental damages and losses. Their core offering includes comprehensive protection plans that can be customized for a variety of physical products, allowing customers to safeguard their purchases through streamlined, AI-powered claims processing. These plans are designed for use in various retail sectors, enhancing customer loyalty and driving conversions. The service enables shoppers to obtain protection plans up to 90 days post-purchase via white-labeled and embeddable widgets that integrate seamlessly into the purchase process. Mulberry's client base includes retailers and e-commerce platforms across diverse geographical markets, with a notable presence in North America and Europe.The revenue model for Mulberry revolves around subscription-based protection plans that are offered to both retailers and consumers. Retail partners can embed Mulberry’s protection widgets into their checkout processes, allowing them to offer coverage at the point of sale. Customers subscribe to these protection plans, which are aggregated into a single monthly payment covering all their purchases, thus enhancing customer retention and repeat sales. Specific pricing plans are structured to ensure affordability while allowing retailers to maintain healthy margins. By focusing on partnerships with various retail clients, Mulberry captures a portion of the revenue generated through these transactions, aligning their financial success with the satisfaction of the end users.Mulberry Technology Inc. plans to further enhance its service offerings with upcoming product innovations designed to improve protection plans and claims processing efficiency. The company is targeting expansion into European markets and plans to introduce new features by the end of 2024. Recent funding, including the latest round, will be utilized to bolster product development and market penetration strategies. Additionally, Mulberry Technology Inc. has attracted new investment from Reform Ventures to support these growth initiatives.

## Funding rounds

- Series B, Oct 13, 2021, $22M — Ally Financial Inc., Commerce Ventures, CreditEase Corp., Hudson Structured Capital Management
- Series A, Sep 2, 2020, $10M — Founder Collective, Commerce Ventures, Entrepreneurs Roundtable Accelerator, G20 Ventures, Quiet Capital, Tuhaye Venture Partners, Pace Capital
- Seed, Jun 28, 2018, $2.8M — Foundation Capital, Founder Collective, Commerce Ventures, Entrepreneurs Roundtable Accelerator, Quiet Capital

## Investors

- Foundation Capital (https://capitalatlas.ai/funds/foundation-capital) — Seed
- Founder Collective (https://capitalatlas.ai/funds/founder-collective) — Seed, Series A
- Commerce Ventures (https://capitalatlas.ai/funds/commerce-ventures) — Seed, Series A, Series B
- Entrepreneurs Roundtable Accelerator (https://capitalatlas.ai/funds/entrepreneurs-roundtable-accelerator) — Seed, Series A
- Quiet Capital (https://capitalatlas.ai/funds/quiet-capital) — Seed, Series A
- G20 Ventures (https://capitalatlas.ai/funds/g20-ventures) — Series A
- Tuhaye Venture Partners (https://capitalatlas.ai/funds/tuhaye-venture-partners) — Series A
- Pace Capital (https://capitalatlas.ai/funds/pace-capital) — Series A
- Ally Financial Inc. — Series B
- CreditEase Corp. — Series B
- Hudson Structured Capital Management (https://capitalatlas.ai/funds/hudson-structured-capital-management) — Series B