San Francisco-Based SquareTrade Raises $238 Million in Funding

San Francisco -- SquareTrade, a San Francisco-based provider of independent consumer warranties on consumer electronics products, said on Wednesday it has raised $238 million in a round of equity funding, led by Bain Capital. Previous investors included Weston Presidio Capital and JP Morgan Partners. The company said the latest backing will fuel the next phase of its growth following a year of nearly three-fold revenue growth. "We have a long term view of investing in service, technology and brand awareness," said CEO Steve Abernethy, who co-founded the company in 1999 with Ahmed Khaishgi. SquareTrade said its warranties are 40% less expensive, on average, than those offered by retailers. The company's warranties are available through retailers such as Amazon.com, Crutchfield and Buy.com, or through the company's website.
http://www.squaretrade.com
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