Zurich backs cyber MGA BOXX once again

Boxx Insurance , the Toronto headquartered cyber insurance startup, closed a $14.4 million Series B funding round, bringing its total funding to $24.5 million. The round was led by Zurich , which also participated in the startup’s Series A round.

Founded in 2018, BOXX (team of ~30) covers over 250,000 individuals and 10,000 businesses.

The news follows its acquisition of Cyber security platform Templarbit and the launch of its Hackbusters Incident Response, virtual CISO service for businesses, and a mobile app solution for consumers.

“Our goal was always to help our customers stay ahead of cyber threats in addition to being there to help them respond and recover from an incident. We’ve been making a lot of headway with this and additional category expansion. We’re not only seeing more of our existing cyber insurance customers adding our security products, but also seeing new customers coming in attracted by our latest security products and services.” – BOXX co-founder and CEO Vishal Kundi.

“We’ve seen how difficult it is to build cyber insurance solutions for the small business and consumer segments – it is costly and requires deep technical expertise to stay ahead. BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisors need. Helping customers with innovative digital solutions and embedding them into the customer journey, is critical. It’s impressive to see the simplicity in how BOXX is tackling such a complex global challenge.” – Jack Howell, CEO of Zurich Global Ventures.

Bottom Line: Many insurers are taking a bite of Cyber MGA market . According to Coverager Data, Munich Re is an investor in At-Bay, Avanta Ventures (CSAA), PruVen Capital, and Markel are investors in Cowbell Cyber, AXIS Capital and State Farm Ventures are investors in Elpha Secure, and Zurich is an investor in Boxx.