The funding round was spearheaded by Eos Venture Partners, with key participation from established investors such as Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via its insurance enterprises in the portfolio).

Mulberri will use the capital to expand its ecosystem of small and medium enterprise services in order to fulfill small businesses’ risk needs simply, efficiently, and transparently.

Notably, Zach Powell, the General Partner at Eos Venture Partners, will assume a pivotal role on Mulberri’s board, contributing strategic insights and guidance.Established in 2021, Mulberri has distinguished itself by providing tailor-made insurance solutions for SMEs through extensive collaborations in the HR, benefits, and payroll sectors, as well as other affinity SME channels.

The platform’s comprehensive array of insurance solutions includes brokerage, risk transfer, certificate of insurance, and cutting-edge risk engines.Mulberri’s strategic ecosystem and partnerships facilitate seamless access to over 250 Professional Employer Organisations (PEOs), Payroll Providers, and Brokers, collectively covering approximately 100,000 small and medium enterprises. The funding injection is poised to fortify Mulberri’s position as a frontrunner in the AI-driven insurance sector, reinforcing its commitment to serving the evolving needs of SMEs in the business landscape.

“Our mission is to help small enterprises make data-driven risk management decisions and fulfill these needs simply, efficiently, and transparently,” said Hamesh Chawla, Co-Founder, and CEO at Mulberri. “Our partnerships in the HR and Payroll sector connect us with SMEs at critical points in their business lifecycle, allowing us to provide the right risk solutions at the right time. We’re thrilled to partner with Eos on the next phase of our growth.”

Small and medium enterprises have historically faced a fragmented and time-consuming insurance purchasing and policy management journey.Mulberri offers an ecosystem of services to serve small and medium enterprises, including:

Violet Berri: Violet Berri is a joint venture of Vensure Employer Services and Mulberri. It provides a business insurance marketplace customised for PEOs and ASOs through a partnership with Prism HR, a leading HR services firm that serves more than 80,000 organizations. Offerings span smart submission, marketplace, quote & bind, post-bind, risk engine, and COI.

Certificate of Insurance: Enables clients to request and generate COIs with a fully automated, self-service model.Risk Engine: Equips workers compensation underwriters with the information necessary to make quick and accurate decisions.

Cyber Insurance: Empowers SMEs to access reasonable limit ($250 – $500k) cyber coverage with fixed premiums and streamlined underwriting to broaden accessibility in the small and medium enterprise segment.

“The insurance industry has always been challenged to adequately serve the small enterprise customer. We believe with Mulberri’s highly unique distribution channel, trusted partnerships in the payroll / HR benefits sector, and evolving product portfolio puts the company at the forefront of change in the SME sector,” added Zach Powell, General Partner at Eos.