Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60 million Series C equity round, funded by Zurich Insurance Group (Zurich), a global multi-line insurer.
With this $60 million investment, Cowbell plans to enhance its operations to accommodate growing demand, increase its footprint in key international markets, improve its cyber resilience services, launch innovative products, and strengthen strategic partnerships.
By harnessing advancements in AI and Generative AI (GenAI), the company aims to upgrade its technological framework.
This will drive efficiency and support faster decision-making for policyholders and brokers across traditional, digital, and API-driven platforms.
Sierra Signorelli, CEO Commercial Insurance at Zurich commented: “Cyber threats remain a major concern for business leaders due to their constantly evolving nature. To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers.”
“Cowbell is an excellent partner for managing cyber risks. They use a data-centric approach to risk management, provide continuous risk assessments, actively monitor threats, and have strong underwriting expertise. And all of this is centered around a highly advanced digital platform designed to boost cyber resilience for their customers.”
Zurich’s investment reflects its commitment to advancing cyber protection and resilience solutions for businesses, especially SMEs and mid-sized companies facing heightened cyber risks. It also aligns with Zurich’s strategy to utilise top technology and expertise to address the evolving complexities of cyber risk management.
The worldwide cost of cybercrime is projected to hit $24 trillion by 2027, with ransomware attacks averaging $1.7 million per incident for small businesses.
Jack Kudale, founder and CEO of Cowbell added: “This investment from Zurich is the strongest endorsement of Cowbell’s vision and capabilities yet and deepens our footprint in the global cyber insurance market.”
“With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape.”
Cowbell’s emphasis on a broker-centric approach, coupled with its reputation for a user-friendly platform and robust educational resources, is gaining global recognition.
The company has seen a nearly threefold increase in licensed producers over the past two years. With a focus on improving customer outcomes, Cowbell plans to reinvest in AI and Generative AI (GenAI) to enhance transparency in cyber risk.
This will facilitate more informed decision-making and raise cyber resilience standards for brokers and businesses worldwide.
This new investment marks a milestone in Cowbell’s rapid expansion, following a year of significant growth in geographic reach, product offerings, technological advancements, and the recruitment of top industry talent. To date, Cowbell has raised $202 million.
