October 19, 2021
I started Clyde because I knew the warranty experience was fundamentally broken for customers and retailers. In 2017, before starting Clyde, I was given the challenge of launching the go-to-market for a new consumer product. We had decided that a warranty program was critical to our strategy — I set off to make that happen. No matter how many calls I made or emails I sent to administrators and underwriters — there was no interest in (or even response to) working with a business of our scale. Then, on my way to a music festival with friends, I bought a tent and was sold on the extended warranty. I immediately lost the receipt, the only thing I had proving I bought the warranty, which I was instructed to keep and to “register” three days later. My experience launching a warranty program, to being a consumer using a warranty, was set up to fail from the start.
As an individual, I was having the same negative experiences that countless US consumers have endured. Overpriced protection plans, unnecessary registration processes, no transparency on terms and conditions, and lengthy and confusing claims experiences. I had already personally experienced the challenge of launching a program as a retailer, but the consumer experience was really what needed to be completely overhauled. That came first.
Today, I am ecstatic to announce that we’ve raised $41M in new funding, including $25M in Series B funding and $16M in working capital. Stepping back and reflecting on how far we’ve come since the start, I’m humbled by our team’s progress. Read rest here.