InsurTech firm Clyde has raised $25m from a Series B funding round alongside a further $16m in working capital.
Also participating in the funding round was Vulcan, Crosslink, Spark Capital and other unnamed firms.
Established in 2017, Clyde is a technology firm that enables retailers to offer product protection plans to customers. The firm claims that by offering protection with its service, retailers can increase revenue, reduce program maintenance costs and strengthen customer loyalty.
The company currently partners with over 300 brands across a range of categories including household electronics, scooters and e-bikes, furniture and mattresses, appliances and hardware, jewelry and watches and fitness and sporting equipment.
Clyde added that its extended warranty solution has an average conversion rate of 18%, which it claims is over four-times the industry average.
Mulberry, which provides product protection services to consumers, has collected $22m in its Series B round.
Mulberry Technology – another company in the product protection space – recently collected $22m in its Series B funding round. With the capital, the InsurTech company hopes to hire more staff, with a focus on its engineering and customer experience teams.
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