Markd leads round with participation from Greenlight Re Innovations
SEATTLE, Oct. 26, 2023 /PRNewswire/ —Assureful, the first insurance provider built exclusively for Amazon and eCommerce sellers, today announced it has closed a $1.5 million pre-seed funding round led by Markd. The round also included participation from Greenlight Re Innovations.
Assureful is the first insurance provider to integrate with major eCommerce marketplaces like Amazon, Walmart and Ebay as well as platforms such as Shopify, BigCommerce and WooCommerce to provide customized embedded usage-based and monthly billed insurance premiums based on sellers’ actual sales volume and product categories.
It uses Generative AI and Machine Learning to rate, price and underwrite mandatory insurance coverage for eCommerce businesses of all sizes. With categorization across 33,000 different product types, Assureful can deliver more accurate coverage and competitive pricing to its customers. The company is licensed nationwide in the US and as a Coverholder at Lloyd’s of London, it has delegated underwriting authority.
“We’re thrilled to close this initial funding round and have the support of investors who believe in our vision to reinvent insurance for eCommerce sellers,” said Rohit Nair, Founder & CEO of Assureful. “Marketplaces such as Amazon and Walmart make carrying appropriate insurance mandatory. This capital will help us continue enhancing our proprietary technology and product offerings as we scale up to serve this fast-growing customer base. We’re proud to be the first in the industry taking this modern approach.”
Parker Beauchamp, Managing Partner of Markd added: “The Assureful team has deep expertise in insurance and eCommerce having scaled and exited a number of their own eCommerce companies. We believe this makes them well-positioned to be a wonderful partner to eCommerce sellers. We look forward to seeing them expand access and availability of comprehensive, fairly priced policies for what we believe is an underserved customer segment.”
The new capital will be used to accelerate Assureful’s product roadmap and customer acquisition efforts. The company officially launched in 2023 and is currently available to eCommerce sellers across the United States.
Assureful is a nationally licensed Coverholder at Lloyd’s of London. Assureful’s proprietary ‘Pay-as-you-Sell’ Commercial General Liability Insurance policies have been designed specifically for eCommerce sellers. It uses Generative AI and Machine Learning to rate, price and underwrite mandatory insurance.
Markd is a venture capital company focused on funding and partnering with transformative insurtechs. It pays homage to the insurance industry’s legacy while helping design its future. Markd’s mission is to power substantial work and continually inspire more ideas to prevent hurt and loss.
For more information and to get a quote, visit www.assureful.com
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