Reinsurance News

Fenix24 gets funding from insurtech investor Eos Venture Partners

21st March 2023 - Author: Kane Wells

Cyber disaster recovery firm Fenix24 has announced a $5 million investment by Eos Venture Partners, a prominent insurtech investor.

Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events.

The firm states that Eos’ investment will support it in serving additional customers and further reducing downtime costs and financial impacts after a cybersecurity incident.

Mark Grazman, CEO and co-founder of Fenix24 commented, “We are excited to partner with Eos Venture Partners and very proud of what this investment says about Fenix24’s innovative approach and resulting impact on behalf of victims of ransomware and their insurance carriers.

“The world needs a defensive civilian cybersecurity force ready to help victims of ransomware navigate the treacherous waters of a ransomware attack.”

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Further, Zach Powell, General Partner of Eos Venture Partners, will join Fenix24 as a board member.

Powell said, “As Ransomware-as-a-Service has grown, the business impact of cyberterrorists’ ransomware attacks has also increased significantly—more than 60% of total cyber losses to an insurance carrier now are estimated to come from business interruption.

“With the need for a better response on behalf of those impacted by ransomware and the entire cyber insurance eco-system, Eos is proud to support Fenix24’s rapid growth and reputation as the world’s fastest restoration company.”

He continued, “Leading cyber insurance companies now understand that active loss management—beyond pre-breach underwriting and risk controls—is a critical component of an effective cyber program.

“We are excited to build further strategic partnerships between Fenix24 and the cyber insurance ecosystem.”

Since launching in early 2022, Fenix24 states that it is “rapidly becoming the market standard for excellence in restoration”, reducing business interruption and associated costs for customers by up to 50%, growing revenue by 650% annually, and increasing its headcount by 400%.

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