NEW YORK — Clyde, a product lifecycle platform, has raised $41 million, including $25 million in Series B funding and $16 million in working capital, to enable merchants to create product lifecycle programs that grow revenue and drive loyalty. The funding round was led by Headline, with participation from Vulcan, Spark Capital, Crosslink and other leading investors.
Clyde was founded in 2017 after Brandon Gell, the company’s founder and CEO, learned firsthand that the extended warranty process was broken, both for merchants and consumers. In 2018, Clyde launched its core offering, an extended warranty product that allows merchants to easily sell protection plans, drive revenue and deliver unbeatable customer experiences. The platform now also includes a unified claims management tool for merchants to handle all customer and product issues, regardless of whether or not they own a protection plan.
Merchants using the Clyde platform include Ergatta, Molekule, Hydrow, Movado, Chili, VAIO, Tuft & Needle, Barnes & Noble, and Palm.
With the funding, Clyde plans to further its vision of helping merchants maximize the performance of their product lifecycle programs and the longevity of their customer relationships, while enabling customers to unlock the full value of the products they buy. Clyde will expand its GDPR and CCPA-compliant platform so merchants can identify and build direct relations with customers, even when they purchase through third parties. This will provide merchants with a better understanding of their products and customers, while driving higher attachment rates and more revenue. Additionally, Clyde will leverage the funding to fuel its expansion into new markets and categories, beginning with hiring new talent and scaling internationally.
“When we launched our extended warranty solution, it was always our intent to use that as a foundation for our complete product lifecycle platform,” said Brandon Gell, founder and CEO, Clyde. “The funding will enable us to execute on this vision. We’ve already proven we have the tools to do this by helping merchants drive an extended warranty attachment rate that is 4x the industry average. We will continue to build on this success as we reshape what it means for merchants to engage with consumers throughout a product’s lifecycle.”
Clyde has partnered with more than 300 brands and retailers who trust Clyde to improve their product lifecycle programs. Merchants using Clyde’s extended warranty solution see an 18% average attachment rate — the frequency at which consumers purchase extended warranties for eligible items. Clyde’s expansive customer list spans a number of industries and verticals, including consumer and household electronics, scooters and e-bikes, furniture and mattresses, appliances and hardware, fitness and sporting equipment, and jewelry and watch brands.