OAKLAND, Calif. (Reuters) – Cyber insurance startup Coalition Inc said Wednesday it raised $ 175 million in its latest funding round, which valued the company at $ 1.75 billion as the need for protection against hacks, ransomware and data theft has gone up with remote. work during the pandemic.
San Francisco-based Consortium also uses their technology to assess customer cyber risk and during the life of a policy it will monitor potential problems and alert customers to prevention. put it on hold, said Joshua Motta, co – founder and CEO.
Motta said the Consortium provides up to $ 15 million in insurance for U.S. companies and C $ 20 million in Canada, the only two countries where it now operates.
While cyber insurance can be purchased separately, some insurance companies are beginning to offer it as part of a broader commercial insurance policy as well.
Last week Corvus Insurance, a Boston-based tech startup, whose commercial insurance products include cyber security, data and privacy coverage, raised $ 100 million in a round led by Insight Partners which valued the company at $ 750 million.
According to data firm PitchBook, commercial insurance technology startups raised $ 765 million higher than last year, up from $ 655 million in 2019, which was also a record. In its latest report on the insurance technology sector, PitchBook said that cyber insurance companies could be attractive targets to build with larger commercial insurance companies that want to address the cyber insurance gap in the market.
Motta said the new money will be used to establish new insurance products and expand overseas.
The final round was led by San Francisco and London-based venture capital firm Index Ventures.
Reciting with Jane Lanhee Lee; Edited by Leslie Adler