Assureful raises $1.5m pre-seed round to reinvent insurance for e-Commerce sellers
Assureful, the insurance provider built exclusively for Amazon and e-Commerce sellers, 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 e-Commerce 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 e-Commerce 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.
Rohit Nair, Founder and CEO, Assureful: "We're thrilled to close this initial funding round and have the support of investors who believe in our vision to reinvent insurance for e-Commerce sellers. 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, Markd: "The Assureful team has deep expertise in insurance and e-Commerce having scaled and exited a number of their own e-Commerce companies. We believe this makes them well-positioned to be a wonderful partner to e-Commerce 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 e-Commerce sellers across the United States.
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