Extend, an American startup that helps merchants offer extended warranties and protection plans, has raised $40 million in a Series B funding round led by Meritech Capital and joined by PayPal Ventures
Great Point Ventures and Shah Capital Partners also joined the round for Extend, which is promising to re-invent the "broken and antiquated" customer experience associated with extended warranties and protection plans.
A fully licensed administrator, Extend eliminated the traditionally cumbersome and frustrating process of filing a claim by allowing customers to file and have their claim approved in seconds through a customer service chatbot.
The firm claims that its proprietary machine learning framework is able to deliver three to four times the average attach rate of legacy protection plans, helping it to sign up the likes of Peloton, Traeger Grills, Shopify and Magento.
Woodrow Levin, CEO, Extend, says: "Product protection plans can be a huge lifesaver for consumers and a powerful revenue generator for retailers. Extend is serving both of these groups by dramatically reducing integration overhead for merchants, and making extended warranties something that consumers can trust and rely on."