Upsie, a tech company that focuses on supplying warranties for various devices based in Minneapolis, Minnesota, received $5 million in Series A Early Stage Venture funding from a group of venture capitalists headed by Silicon-Valley based tech investors, True Ventures, In May.
Upsie provides a consumer-friendly platform for the purchase of affordable warranties. Clarence Bethea, CEO said “We want consumers to know there’s a better way to ensure their products, starting with electronic devices,” in a Press Release. Bethea’s statements reaffirm the company’s mission of providing affordable, convenient services to consumers. The main products they can protect include electronics such as phones, TVs, tablets, laptops, cameras, wearable tech, such as watches, and headphones.
It’s also possible to purchase warranties on appliances such as dishwashers, refrigerators, or washing machines through their platform. The A-rated Insurance company, Centricity, backs their warranties. Upsie also makes it extremely easy to store your warranty information in your personal across the mobile app, and online website.
True Ventures, the previously mentioned Silicon-Valley Tech Investors, have led a round of funding comprising of other investors including The Syndicate Fund, Techstars Ventures, Matchstick Ventures, M25, a seed round angel investor, Marc Belton. With the extra funds, Upsie will hope to grow their business further by increasing customer awareness and expanding the warranty product offerings platform that they have already established.
Bethea, the founder, and CEO founded Upsie in 2015 in Minneapolis to provide an alternative to the warranties provided in stores such as Apple, or Verizon. The main problem he identified is the extreme inflation of the cost of warranties. He wanted to remedy the backward, dishonest system used by most large companies. Bethea realized that warranties on tech devices have been marked up almost as much as 900% for some products. He was inspired and set out to make a cheaper system of warranties available to consumers.
True Ventures, the lead investor of the round has made similar investments since the founding of True ventures in 2005. Those tech companies have experienced immense growth since receiving investment. They have invested in some household names such as Fitbit, Ring, and Goodreads. As a west-coast based venture fund, it is extremely exciting to see them investing in tech companies from the midwest. Hopefully, other venture capitalists follow in the footsteps of True Ventures and decide to cross the threshold and invest in other strong tech startups across the midwest.
More By Aidan Chapman