Swiss Re and Argo backed cyber insurer Coalition has raised $10 million in Series A funding from leading technology investors including Vy Capital, Ribbit Capital, Valor Equity Partners, Sam Altman (President, Y Combinator), and Deep Nishar (Senior Managing Director, Softbank Vision Fund).
Proceeds from the funding will be used to grow Coalition’s engineering team and expand its cyber risk management platform.
Coalition is a tech-firm that aims to solve cyber risk for small to midsize businesses (SMBs), backed by Swiss Re and Argo Group.
Founded by technology entrepreneurs Joshua Motta and John Hering, the company began offering insurance and cybersecurity to SMBs in November 2017 and is licensed to offer insurance nationwide.
John Hering, Co-founder and Director of Coalition, said; “the response from customers has been overwhelming—this may be the first time an insurance company has helped actually prevent a data breach.”
“We believe that cybersecurity should be a public good, and now we have the backing and resources to democratize access to the technology SMBs need to protect themselves.”
Coalition’s cyber risk management platform enables businesses to easily access and configure a number of cybersecurity tools including threat and intelligence alerts, ransomware and denial of service protection, and patch and vulnerability notifications, without any complex setup or configuration.
“Our mission is simple, yet monumental: to solve cyber risk for SMBs. We now have the team, technology, investors, and resources to do this,” said Joshua Motta, Chief Executive Officer & Co-founder, Coalition; “solving cyber risk doesn’t mean solving security failures. It means allowing companies to embrace technology while remaining resilient to the risks that accompany it.
“We provide companies with free cybersecurity to prevent loss before it occurs, and expert response and comprehensive insurance coverage when all else fails.”
Coalition’s team includes technology entrepreneurs and executives that helped build Cloudflare, Lookout and OpenDNS, former members of the US Intelligence Community, and cyber insurance innovators.
The tech-firm’s customers include leading technology companies, investment firms, retailers, banks, manufacturers, and healthcare providers.