Warranty startup Upsie has closed on an $18.2 million round of venture capital, it announced Thursday.
The round was led by Silicon Valley-based True Ventures. Other participants in the round include St. Paul-based Bread & Butter Ventures; Minneapolis-based Matchstick Ventures; Los Angeles-based Backstage Capital; Menlo Park, Calif.-based Concrete Rose VC; and New York-based Samsung Next.
Minneapolis-based Upsie provides warranties on electronics. It also has a mobile app that allows consumers to compare warranty prices with those offered by big box stores and offers repairs on those products. Its warranties can be as much as 70% cheaper than those offered by competitors, it said.
"We want more people to be able to protect what they buy with their hard-earned money. 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," Upsie CEO and Founder Clarence Bethea said in a statement.
In 2019, Upsie raised $5 million in a financing round also led by True Ventures. It also raised $1.7 million in 2018, bringing its total cash raised to around $25 million.
