Mulberri, a pioneering insurtech and business insurance platform for modern PEOs and brokers, 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 (via insurance enterprises in its portfolio).
In a press release, it notes that Mulberri will use the funding to continue to expand its infrastructure and data modelling to help make business insurance more simple, efficient and transparent.
“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, CEO and co-founder 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 in 2021, Mulberri is the first business insurance solution purpose-built for PEOs and brokers. Moreover, Mulberri’s technology enables PEOs, brokers, and carriers to come together to write business and helps them make intelligent data-driven decisions.
Furthermore, Mulberri delivers on the speed, transparency, and efficiency that PEOs and brokers have been asking for. The platform provides smart submission intake, automated quote and bind, data-driven insurance management, and easily accessible protection and monitoring services.
Additionally, the insurtech also optimizes PEO business workflows, speeds up client acquisition, and provides risk analytics by integrating with multiple systems like HRIS and Payroll among others.
Joseph Malchow, founding partner of Hanover Technology Investment Management, added: “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. Mulberri uses the sort of convolutional neural networks that we have successfully deployed in other industries, from energy to defense.
“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.”