The round was led by Markd, with participation from Greenlight Re Innovations.

The company intends to use the funds to enhance its proprietary technology and product offerings to serve its customer base.

Led by Rohit Nair, Founder and CEO, Assureful is a nationally licensed Coverholder at Lloyd’s of London. whose proprietary ‘Pay-as-you-Sell’ Commercial General Liability Insurance policies have been designed specifically for eCommerce sellers. It uses Generative AI and Machine Learning to rate, price and underwrite mandatory insurance. The company integrates with eCommerce marketplaces like Amazon, Walmart and Ebay as well as platforms such as Shopify, BigCommerce and WooCommerce to offer customised embedded usage-based and monthly billed insurance premiums based on sellers’ actual sales volume and product categories.

“We’re thrilled to close this initial funding round and have the support of investors who believe in our vision to reinvent insurance for eCommerce sellers,” said Rohit Nair, Founder & CEO of Assureful. “Marketplaces such as Amazon and Walmart make carrying appropriate insurance mandatory. This capital will help us continue enhancing our proprietary technology and product offerings as we scale up to serve this fast-growing customer base. We’re proud to be the first in the industry taking this modern approach.”

Parker Beauchamp, Managing Partner of Markd added: “The Assureful team has deep expertise in insurance and eCommerce having scaled and exited a number of their own eCommerce companies. We believe this makes them well-positioned to be a wonderful partner to eCommerce sellers. We look forward to seeing them expand access and availability of comprehensive, fairly priced policies for what we believe is an underserved customer segment.”