Revolutionizing SME Insurance: Mulberri Raises $6.75M in Series A
Mulberri, an innovative AI-driven embedded business insurance platform, recently announced a successful $6.75 million Series A funding round led by Eos Venture Partners. This significant investment, with contributions from Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners, marks a pivotal step in Mulberri’s mission to revolutionize insurance for small and medium enterprises (SMEs). Founded in 2021, Mulberri stands out with its custom-fit solutions, deeply integrated into the HR, benefits, and payroll sectors. The platform offers a comprehensive range of services, including brokerage, risk transfer, and automated Certificate of Insurance (COI) processes. A notable joint venture, Violet Berri, in partnership with Prism HR, further expands its reach. Mulberri’s CEO, Hamesh Chawla, emphasizes their commitment to data-driven risk management, offering SMEs efficient, transparent, and simple insurance solutions. The funding will fuel Mulberri’s expansion, enhancing its ecosystem to better serve the evolving needs of SMEs.
SUNNYVALE, Calif Mulberri, an AI-driven embedded business insurance platform for small and medium enterprises, announced its $6.75 million Series A led by Eos Venture Partners, 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.
“Our mission is to help small enterprises make data-driven risk management decisions and fulfill these needs simply, efficiently, and transparently,” said Hamesh Chawla, Co-Founder, and CEO at 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.”
Small and medium enterprises have historically faced a fragmented and time-consuming insurance purchasing and policy management journey.
Mulberri offers an ecosystem of services to serve small and medium enterprises, including:
Violet Berri: Violet Berri is a joint venture of Vensure Employer Services and Mulberri. It provides a business insurance marketplace customized for PEOs and ASOs through a partnership with Prism HR, a leading 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. 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,” said Zach Powell, General Partner at Eos.
Mulberri 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.
About Mulberri
Nearly $100B annually flows into the business insurance market using archaic processes and low-tech solutions. Mulberri is building AI-powered solutions that make business insurance processes simpler, more efficient, and transparent — enabling organizations to unlock new opportunities with agility, creativity, and purpose.
About Eos Venture Partners
Eos Venture Partners (Eos) is a global independent Strategic Venture Capital fund manager focused exclusively on InsurTech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Working with global (re)insurers, Eos’ model is based on a partnership-driven approach to accelerate innovation priorities combined with responsible and purpose-driven investing. Eos’ ambition is to positively impact 500 million lives over the next decade while generating top-quartile returns.
