Upsie Raises $18.2 Million In Series A Funding

We are delighted to announce the closing of our Series A funding round led by True Ventures! The funds will be used to continue building warranty product offerings and grow the team so we can serve our customers even better.

Think of the last time you purchased a smartphone, tablet, appliance, TV or gaming console: did you notice the pop up to add a protection plan to your order? Electronics consumers are barraged with warranty protection add-ons in-store and online every time they make a purchase. For these retailers, warranties are an efficient way to increase their profits, but not necessarily to serve their customers.

Data suggests only a fraction of these warranties are ever put to use because the policies lack clarity and the claims process is arduous. Back in 2015, Upsie was created to change all of that. And we’re not slowing down.

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 to protect other consumer electronics.

Further, Upsie.com saves its customers up to 70% compared to competitor warranty plans. Deductibles are almost always lower, too. “We want more people to be able to protect what they buy with their hard-earned money,” said Upsie Founder Clarence Bethea. Considering only 46% of Americans have a rainy-day fund, a warranty gives peace of mind that your device will be repaired or replaced if it breaks.

Customers can start a claim on the Upsie platform or call our 24/7/365 U.S.-based claim center directly. Additionally, customers can transfer and cancel warranties easily online. All warranty information, including a copy of your product receipt, is stored in one place and is accessible at any time.

To date, Upsie has protected tens of millions of dollars worth of consumer tech. We’ve processed thousands of claims, too, because we’re here to serve our customers, not our profit margins. What originally was an idea and desire to do better is now a serious disruptor in the warranty industry. We will use our Series A funds to grow the team, increase customer awareness and continue building our warranty product offerings.

We could not have raised this Series A round without the support of our amazing customers. Every decision we make is for them, so they have a more seamless experience. While a situation where tech breaks is never enjoyable, we strive to make the process as stress-free, quick and affordable as possible. Customers, if you’re reading this, thank you.

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.

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