Coalition, the leading cyber insurance and security company, announced on Wednesday it has raised $90 million through its Series C funding round, which was led by Valor Equity Partners with participation from Felicis Ventures, Greyhound Capital, and Coalition’s existing investors.
Founded in 2017, Coalition states it combines comprehensive insurance and proprietary security tools to help businesses manage and mitigate cyber risk. The company, which is backed by A+/A rated insurers Swiss Re Corporate Solutions and Argo Group, provides companies with up to $10 million of cyber and technology insurance coverage in all 50 states and Washington D.C.
“Coalition’s unique product offerings combine best-in-class insurance and proactive cybersecurity tools to help keep businesses safe. Cyber losses cost the global economy upwards of $1.5 trillion each year, and yet the majority of businesses are under-insured and under-prepared to manage and mitigate the risks of an increasingly digital world. Coalition is addressing this gap by providing no-cost cybersecurity tools to prevent losses, security and incident response services to contain them, and comprehensive cyber insurance to help organizations recover from failures and breaches.”
Funds from the investment round will be used for the following:
- Cybersecurity Access: once accessible only to national governments and large enterprises, Coalition will continue to make available, at no cost, state-of-the-art cybersecurity capabilities to small and midsize businesses. Coalition’s small and midsize policyholders experienced claims that cost an average of $160,000 — an expense that few businesses can afford to bear.
- International Expansion: cyber risks know no boundaries, and Coalition plans to make its offerings available globally starting with Canada.
- New Products: Coalition plans to develop additional insurance products to address a new range of threats technology brings to both tangible and intangible assets — many of which are not well covered by traditional insurance policies.
Coalition added it has raised $125 million in equity funding from investors, including Vy Capital, Ribbit Capital, Hillhouse Capital, Valor Equity Partners, and Greenoaks Capital, among others. All existing investors participated in the latest round of funding.