(Image source: Mulberri.)
Mulberri, an AI-driven embedded business insurance platform for small and medium enterprises, has announced a $6.75 million Series A led by Eos Venture Partners (London), with participation from existing investors Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio). Zach Powell, General Partner of Eos Venture Partners, will join Mulberri as a board member.
Founded in 2021, Mulberri provides custom-fit solutions for small and medium enterprises through deep partnerships in the HR, benefits, and payroll sectors and other affinity SME channels. Mulberri’s platform offers an array of insurance solutions, including brokerage, risk transfer, certificate of insurance, and risk engines. Its ecosystem and partnerships enable access to more than 250 PEOs/ Payroll Providers/ Brokers covering about 100,000 small & medium enterprises, according to a Mulberri statement.
“Our mission is to help small enterprises make data-driven risk management decisions and fulfill these needs simply, efficiently, and transparently,” comments Hamesh Chawla, Co-Founder, and CEO, Mulberri. “Our partnerships in the HR and Payroll sector connect us with SMEs at critical points in their business lifecycle, allowing us to provide the right risk solutions at the right time. We’re thrilled to partner with Eos on the next phase of our growth.”
Mulberri says it addresses the challenge that small and medium enterprises have historically faced of a fragmented and time-consuming insurance purchasing and policy management journey. Mulberri offers an ecosystem of services to serve small and medium enterprises, including the following as described in the company statement:
Violet Berri: Violet Berri is a joint venture of Vensure Employer Services (Chandler, Ariz.) and Mulberri. It provides a business insurance marketplace customized for PEOs and ASOs through a partnership with Prism HR (Hopkinton, Mass.), an HR services firm that serves more than 80,000 organizations. Offerings span smart submission, marketplace, quote & bind, post-bind, risk engine, and COI.
Certificate of Insurance: Enables clients to request and generate COIs with a fully automated, self-service model.
Risk Engine: Equips workers compensation underwriters with the information necessary to make quick and accurate decisions.
Cyber Insurance: Empowers SMEs to access reasonable limit ($250 – $500k) cyber coverage with fixed premiums and streamlined underwriting to broaden accessibility in the small and medium enterprise segment.
“The insurance industry has always been challenged to adequately serve the small enterprise customer,” comments Zach Powell, General Partner, Eos. “We believe with Mulberri’s highly unique distribution channel, trusted partnerships in the payroll/HR benefits sector, and evolving product portfolio puts the company at the forefront of change in the SME sector.”
Mulberri says it will use the capital to expand its ecosystem of small and medium enterprise services in order to fulfill small businesses’ risk needs simply, efficiently, and transparently.