Cyber insurance firm Envelop Risk announces Series A
Envelop Risk has announced a Series A investment of $4.2 million led by AI-specialist investor Alpha Intelligence Capital (AIC) with participation from MS Amlin and Dymon Asia Ventures.
Established in 2016, Envelop Risk provides pricing, risk analysis, and underwriting focused on the global cyber reinsurance market to insurers and reinsurers. The Series A fundraising will allow Envelop Risk to grow both within and beyond cyber (re)insurance and to grow internationally.
“We are thrilled to have received the support of AIC, a recognized leader in AI investment, and are pleased to become their first major InsurTech investment. Having the benefit of Antoine Blondeau as an advisor and the support of the whole AIC team will greatly help Envelop Risk through its next stage of growth. The current COVID crisis is posing important questions for the insurance industry and we believe cyber (re)insurance will benefit from demand for risk mitigation, allowing Envelop to become the partner of choice for insurers as growth opportunities and emerging risk business ensue in the new normal.” – Envelop Risk CEO, Jonathan Spry.
Envelop expects that companies of all sizes will eventually safeguard against increased risk through robust cyber insurance policies.
“Envelop is a natural partner for traditional insurers and underwriters to disrupt the market space of cyber-insurance- we’ve helped reimagine and reshape how cyber-risk is priced in a traditionally opaque and complex market. Now, we would like to move onto our next chapter and partner with underwriters globally to reach more companies at risk of cyber breaches, cyber-attacks and other emerging areas of supply-chain complexity.” – Jonathan Spry.
“We at AIC have been impressed with the Envelop team’s ability to combine advanced algorithmic science with deep cybersecurity domain expertise. The resulting ‘engine’ is foundational not just to cyber risk insurance but also to the broader specialty and emerging risk insurance ecosystem. We look forward to supporting Envelop as it further expands its product and commercial reach globally.” – Antoine Blondeau, co-founder and managing partner of Alpha Intelligence Capital.
