Coalition, a cyber insurance and security company, has raised $175 million in a new funding round led by Index Ventures, with participation from General Atlantic and existing investors.
The round, which valued Coalition at $1.75 billion, is expected to help the company accelerate its growth ambitions and global expansion.
To date, Coalition has raised $300 million in equity funding from leading global technology investors, including Index Ventures, General Atlantic, Ribbit Capital, Vy Capital, Hillhouse Capital, and Valor Equity Partners, among others.
Founded in 2017 by Joshua Motta and John Hering, Coalition is one of the largest cyber insurance and security providers in the US and Canada and serves over 42,000 customers.
The investment also follows long-term capacity commitments from re/insurers Swiss Re and Arch Insurance.
“We founded Coalition four years ago with a mission to solve cyber risk, introducing a technology-led approach to risk management and insurance underwriting, pricing, and distribution,” said Joshua Motta, CEO and co-founder of Coalition.
“Our ambitions now extend beyond cyber insurance. Nearly one in ten Fortune 500 companies is an insurance company, yet most were founded before World War II. With this funding, we plan to bring our technology-driven approach to other lines of commercial insurance as we seek to build the digital insurance company of the future.”
“Coalition is the clear leader in this space and we’re excited to support their vision to reimagine commercial insurance,” added Shardul Shah, Partner at Index Ventures.
“Not only does Coalition provide peace of mind after a loss, but also peace from mind: their risk management platform, predictive analytics, and incident response services help organizations decisively and affirmatively remain resilient to risk.”
Paul Stamas, Managing Director and Global Co-Head of Financial Services at General Atlantic, also commented: “Despite a surge in cyber attacks and ransomware, Coalition has delivered industry-leading loss performance by leveraging differentiated technology across the policy lifecycle. We’re excited by the innovation that Coalition is driving in cyber insurance.”
