The funding round for Assureful was led by Markd with participation from Greenlight Re Innovations.

Assureful is the first insurance provider to integrate with major e-commerce marketplaces such as Amazon, Walmart and eBay, as well as firms such as Shopify. It aims to offer customised, embedded usage-based and monthly billed insurance premiums based on sellers’ actual sales volume and product categories.

Furthermore, it uses generative AI and machine learning to rate, price and underwrite mandatory insurance coverage for e-commerce firms of all sizes.

In addition, Assureful plans to use the funding to speed up its product roadmap and customer acquisition efforts.

“We’re thrilled to close this initial funding round and have the support of investors who believe in our vision to reinvent insurance for e-commerce 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.”

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Parker Beauchamp, managing partner of Markd added: “The Assureful team has deep expertise in insurance and e-commerce having scaled and exited a number of their own e-commerce companies. We believe this makes them well-positioned to be a wonderful partner to e-commerce 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.”

Assureful is a nationally licensed coverholder at Lloyd’s of London. Assureful’s proprietary ‘Pay-as-you-Sell’ Commercial General Liability Insurance policies have been designed specifically for e-commerce sellers.