The funding spherical for Assureful was led by Markd with participation from Greenlight Re Improvements.
Assureful is the primary insurance coverage supplier to combine with main e-commerce marketplaces comparable to Amazon, Walmart and eBay, in addition to companies comparable to Shopify. It goals to supply customised, embedded usage-based and month-to-month billed insurance coverage premiums based mostly on sellers’ precise gross sales quantity and product classes.
Moreover, it makes use of generative AI and machine studying to price, value and underwrite necessary insurance coverage protection for e-commerce companies of all sizes.
As well as, Assureful plans to make use of the funding to hurry up its product roadmap and buyer acquisition efforts.
“We’re thrilled to shut this preliminary funding spherical and have the assist of buyers who consider in our imaginative and prescient to reinvent insurance coverage for e-commerce sellers,” mentioned Rohit Nair, founder & CEO of Assureful.
“Marketplaces comparable to Amazon and Walmart make carrying applicable insurance coverage necessary. This capital will assist us proceed enhancing our proprietary know-how and product choices as we scale as much as serve this fast-growing buyer base. We’re proud to be the primary within the trade taking this contemporary method.”
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Parker Beauchamp, managing associate of Markd added: “The Assureful group has deep experience in insurance coverage and e-commerce having scaled and exited various their very own e-commerce corporations. We consider this makes them well-positioned to be an exquisite associate to e-commerce sellers. We sit up for seeing them increase entry and availability of complete, pretty priced insurance policies for what we consider is an underserved buyer section.”
Assureful is a nationally licensed coverholder at Lloyd’s of London. Assureful’s proprietary ‘Pay-as-you-Promote’ Business Common Legal responsibility Insurance coverage insurance policies have been designed particularly for e-commerce sellers.