Back in January of 2021, Protocol reported on Extend’s mission to make warranties the next major point-of-sale trend. The tech site dug into the way Extend is using state-of-the-art technology and talent to create consumer-friendly product protection. But as Protocol observed, it wouldn’t exactly be easy; the publication pointed to some of the challenges facing Extend, including improving the customer experience with a quicker, easier claims process, getting buy-in from big-name merchants and partners, and securing additional funding.
Twelve months have passed, and one burning question remains.
Did we do it?
The data points to yes.
In our second full year selling best-in-class extended warranties and protection plans, we saw tremendous growth in demand for our digitally native, data-driven offerings. We took more than 330 new merchants live, sold more than 2 million product protection plans, and secured a blockbuster $260 million Series C financing — cementing our unicorn status.
How did we do it? Let’s take a look at the story behind those numbers.
Customer Experience Took the Spotlight
If 2020 left us any gift on its way out, it was the reminder that the customer is the central figure in all we do. And in 2021, we continued to work toward creating a better experience for merchants and their customers.
This year we rolled out bespoke offers designed with our merchants’ brands and customers in mind. We also made improvements to Kaley, our 24/7 automated claims adjudicator who handles claims in seconds, further transforming what has historically been a frustrating process.
New Merchants and Partners Joined the Extend Ecosystem
Our merchants and partners are central to what we do. This year we added over 330 merchants spanning the full gamut of industries and sizes, including Jomashop, Touch of Modern, Sur La Table, Z Gallerie, Traeger Grills, and Mattress Warehouse, among many others. With these latest arrivals, our total live merchant count comes to more than 600. We continue to see meaningful, accelerated growth in our merchant signings and go-live motion.
We also began to widen our partner ecosystem, joining forces with Cart.com and BigCommerce.
Top Talent Made Extend a San Francisco Best Tech Startup
Supporting the growing list of outstanding merchants and partners (plus their customers) requires a lot of effort and dedication, and we’re proud to say that we’ve built a team that’s laser-focused on providing a premium experience. Extend grew by more than 300 employees in 2021, bringing the team to a total of 400+, many of them working on a fully remote basis from locations across the U.S.
Our team is the driving force behind our success, and they are the reason Extend has received numerous awards and recognitions. Most recently we were voted San Francisco’s Best Tech Startup by the Timmy Awards.
In addition to building our team, we also built a beautiful new office space to serve as a hub for collaboration and innovation in the heart of downtown San Francisco. We couldn’t be more excited to have a place to call home in the Bay Area!
Series C Funding Fuels Future Growth
We also announced our latest round of funding: a Series C of $260 million, led by SoftBank Vision Fund 2. Other investors included Amex Ventures (American Express), Meritech Capital Partners, PayPal Ventures, GreatPoint Ventures, Nationwide, Tomales Bay Capital, Launchpad Capital, 10X Capital, and 40North.
These funds enable Extend to continue iterating on the customer experience, improving it as new merchants sign on and help redefine what modern product protection is. We will continue to invest in our people, technology, and overall growth in the months and years to come.
We will also use the funds to continue focusing on three key areas:
- Distribution — democratize extended warranties and product protection plans to enable merchants of all sizes to generate incremental revenue and offer customers greater peace of mind during the purchasing process.
- Customer experience — provide consumers a modern, digitally native experience that inspires confidence in their buying decisions.
- Data and analytics — optimize merchant offers using consumer insights generated from rich datasets and powerful machine learning.
What Will 2022 Bring?
Looking back fills us with pride at what we’ve accomplished. But we know it’s only the beginning, and we are just scratching the surface of what is possible.
At Extend, our sights are set on taking the industry to new heights. What does that look like?
- Empowering even more merchants to up-level their post-purchase experience
- Centering a leading-edge customer experience that helps merchants build loyalty
- Leveraging data and AI to evolve and expand Extend's offerings
We couldn’t be more excited for the future and hope you’ll join us on our journey!
To learn more about how Extend can help you increase conversions and improve brand loyalty, get in touch with us today.
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