Upsie, a consumer-centric platform for purchasing product warranties, announced it has raised a $18.2 million fundraising round led by True Ventures.
Upsie will use the funds to hire, increase customer awareness and continue building its warranty product offerings and verticals.
Upsie saves its customers up to 70 percent compared to competitor warranty plans. “We want more people to be able to protect what they buy with their hard-earned money,” said Upsie Founder Clarence Bethea. “Removing the worry around paying out of pocket to repair, say, your kid’s laptop is huge for families who have had to go with remote learning when the system doesn’t make this easy for everyone.”
According to Reuters, a spike in demand for laptops, desktops and tablets for distance learning and remote work caused a supply chain strain that might last until 2022. A lack of replacement devices makes warranties that offer efficient repairs, like Upsie’s, all the more vital in keeping consumers connected to school and work. Further, only 46 percent of Americans have a rainy-day fund. It leaves little to tap when electronics fail.
Upsie customers can easily purchase a warranty online when it is convenient for them. They have up to 120 days to purchase smartphone protection, 11 months to purchase appliance, TV and fitness equipment protection, and up to 60 days for other consumer electronics.
“People are busy; they don’t have time to sit on hold for hours and can’t afford to wait weeks for a repair,” said Clarence Bethea. “We streamlined the entire process so many devices can be repaired and back in the customers hands on the same-day.”
“Clarence and his team have created an incredible and joyful experience for customers purchasing consumer warranties, which is no small feat given where the industry has been,” said Puneet Agarwal, partner at True Ventures. “We love the unique impact they are making and the passion the entire Upsie team has around putting consumers first.”
This funding round includes participation from Concrete Rose VC, Avanta Ventures (CSAA Insurance Group, a AAA insurer), Kapor Capital, Samsung Next, Massive, Backstage Capital, Awesome People Ventures, Draft Ventures, Matchstick Ventures, M25, Silicon Valley Bank, Bread & Butter Ventures, Ordinary Ventures, Diverse Angels, Imagination Capital and Uncommon VC.
Angel investors providing continued support include Marc Belton, Daren Cotter (Founder and CEO of InboxDollars), George Azih (Founder and CEO of LeaseQuery), Richard Parsons, Anton Vincent, Sri Pangulur, Damon DiVito, Jon and Lottie Rezneck and more.
Upsie was created in 2015 when CEO and founder Clarence Bethea discovered the inefficiencies in the warranty industry. The Upsie mission is to make warranties affordable, simple and easy-to-use. From smartphones, to appliances, to gaming consoles, Upsie protects thousands of devices. Anyone can purchase product warranties on the Upsie website or mobile app, where warranty information is stored and can be easily accessed.
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