Business insurance platform Mulberri has announced that it has raised a $4 million series seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners. Mulberri, a shared platform that makes business insurance easier to access and manage for professional employer organizations (PEOs) and brokers, will use the funding to continue to expand its infrastructure and data modeling.
“For far too long, business insurance has been stuck in the 20th century, and that has had major ramifications for PEOs and brokers who have wanted modern solutions, but lacked access to them,” said Hamesh Chawla, co-founder and CEO of Mulberri. “We’ve been gratified by the enthusiastic response to Mulberri from investors and insurtechs alike. Looking towards the future, we’re excited to continue building out our technology so we can help even more PEOs and brokers reach their highest potential.”
Launched last year, Mulberri is the first business insurance platform purpose-built for PEOs and brokers, the company said. Mulberri’s technology enables PEOs, brokers and carriers to come together to write business and helps them make intelligent, data-driven decisions.
“Business insurance processes have been long overdue for an overhaul,” said Jon Soberg, managing partner at MS&AD Ventures. “Mulberri recognized this problem and has developed an innovative, streamlined solution.”
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Mulberri’s platform provides smart submission intake, automated quote and bind, data-driven insurance management, and easily accessible protection and monitoring services. It also optimizes PEO business workflows, speeds up client acquisition, and provides risk analytics by integrating with multiple systems, including HRIS and Payroll.
“Mulberri’s embedded platform empowers each one of the critical parties – the SMB, the PEO, the broker, and the carrier – while meaningfully leveling up automation and ease of doing business for the industry as a whole,” said Joseph Malchow, founding partner at Hanover Technology Investment Management. “Ultimately, that means a faster-growing book of business and happier customers. Hanover is proud to partner with Hamesh and the Mulberri team to transform business insurance.”