Venture Capital: Cyber Insurance Provider Coalition Lands $250M After Year Of Torrid Growth
As digital threats loom, the funding round valued Coalition at $5 billion.
Coalition, a provider of insurance against cyber risks, announced today it had closed a $250 million funding round in June. Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors participated in the investment which valued Coalition at $5 billion. (Coalition)
Coalition practices an “Active” mode of cyber insurance designed to thwart a digital attack before it strikes, applying cyber tools, 24/7 digital forensics and incident response, and expansive insurance coverage for risk mitigation of its clients.
Compared to the previous year, Coalition grew its revenue by nearly 200%, surpassing $775 million in run rate GWP (gross written premium).
It now serves over 160,000 customers with Active Cyber Insurance, Active Executive Risks Insurance, P&C insurance, and cybersecurity capabilities.
Coalition was founded in 2017 by Joshua Motta and John Hering, and has cumulatively raised $755 million in financing.
“Many organizations remain unprotected in the face of rising digital threats, and neither traditional insurance nor cybersecurity alone is well equipped to help them,” says Motta. “Our active approach to underwriting, monitoring, and responding to digital risk has allowed Coalition to achieve market leading underwriting results while demonstrably reducing claims and losses for our customers so they can continue to thrive in the digital economy.”
“The trends driving the importance of cyber defense are irreversible,” said Dr. Nazim Cetin, CEO of Allianz X. “We see an active approach as the most effective solution for addressing cyberthreats to businesses both now and in the future.”
Related Story: Cyber-Risk Insurer Coalition Scores $175M Round
Latest Alternative Investment News
Ripple Labs, the blockchain payments company that created the XRP cryptocurrency, is interested in purchasing assets of Celsius Network, the crypto lender that was forced into bankruptcy amidst the meltdown…
Nuri, a digital banking platform and app, offered users crypto transactions as well as normal banking activities including a debit card. The firm announced it had filed for insolvency on…
Telexistence Inc., the Japanese robotics company, announced the launch of its TX SCARA restocking robots in 300 FamilyMart convenience stores in Japan later this month as part of its AI-based…
US ETF issuer GraniteShares, which first launched leveraged ETFs on single stocks in the UK in 2019, and now offers 106 such products across Europe, has listed a suite of…