Coalition raises $90 million
Coalition, the San Francisco-based cyber insurance and security company, has raised $90 million in Series C funding led by Valor Equity Partners with participation from Felicis Ventures, Greyhound Capital, and Coalition’s existing investors including Vy Capital, Ribbit Capital, Hillhouse Capital, and Greenoaks Capital. This round values the company at $890 million – more than triple the $250 million it was valued at the time of its last raise.
Backed by Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group, Coalition provides companies with up to $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20 million of coverage across all 10 provinces in Canada. Coalition’s cyber risk management platform, which comes at no additional cost for policyholders, provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses when they face cyber attacks.
The investment comes as the company’s customer base crosses 25,000 – a 600% increase from the prior year – making it “one of the largest providers of cyber insurance and security” in the US.
“Cybersecurity isn’t a technology problem, it’s a risk management problem. Traditional cybersecurity technology such as firewalls and antivirus were designed to protect networks, not businesses. Coalition protects an entire business by offering cybersecurity-as-a-service without any additional hardware or software, security and incident response services, and comprehensive insurance cover of up to $15 million.” – Joshua Motta, Founder and CEO of Coalition.
“We view Coalition as a category-defining company that is fundamentally changing the way organizations engage with insurance. Coalition is one of the fastest growing insurance technology companies despite raising a fraction of the capital of its peers.” – Antonio Gracias, founder and CEO of Valor Equity Partners.