US product protection startup Extend has raised $260m from a Series C round that has brought its overall valuation to $1.6bn.
The funding round was led by SoftBank Vision Fund 2 and including participation from existing investors PayPal Ventures, GreatPoint Ventures, Meritech Capital Partners and new investors Nationwide, Launchpad Capital, 40 North, 10X Capital and Tomales Bay Capital. To date, Extend has raised more than $315m in funding.
Established in 2019, Extend allows any merchant to offer extended warranties and protection plans through APIs, or prebuilt ecommerce applications. The company offers a plugin that works with ecommerce platforms such as Salesforce, 3DCart, Magneto and Shopify among others.
According to Extend, this round of funding will be used to continue to scale the Extend team, accelerate its technology footprint and expand its suite of services that strengthen customer loyalty and drive merchant revenue.
Extend has projected that its revenue will continue by more than 400% in 2021 following a strong first full year. The company sold over 300,000 protection plans last year and is on track to sell more than three million in 2021 alone.
Extend’s partners include key market players including Traeger Grills, Harman/JBL, Peleton, iRobot, Balsam Hill, BlendJet alongside hundreds of other companies.
Extend co-founder and CEO Woodrow Levin said, “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.”
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