Cyber insurance provider Coalition has added $175 million in a funding round led by venture capital firm Index Ventures, according to a prepared statement. The funding brings Coalition's total valuation to $1.75 billion.
With the funding, Coalition will bolster its product lines, the company said. Coalition also intends to expand its offerings into new international markets.
The latest funding round comes after Coalition extended its cyber insurance market reach last year.
Coalition in November 2020 partnered with Malwarebytes to deliver a joint solution that combines cyber insurance and endpoint security. The solution helps organizations protect their endpoints against cyberattacks and recover operationally and financially after these incidents.
Also, Coalition in May 2020 began offering cyber insurance products in Canada. Coalition provides up to CAD $20 million of insurance coverage backed by reinsurance provider Swiss Re to companies with up to CAD $1 billion in annual revenue.
A Closer Look at Coalition
Coalition offers a free cybersecurity platform cybersecurity platform that helps organizations identify and prevent security incidents, the company noted. The platform provides 24/7 monitoring, employee training and security services.
In addition, Coalition provides cyber insurance coverage up to $15 million, the company indicated. This coverage is available in all 50 states and the District of Columbia.
Coalition serves over 42,000 customers globally. It has raised more than $300 million in funding to date, including $90 million in Series C financing last year.
Cyber Insurance Market Continues to Grow
Along with Coalition, other cyber insurance companies recently have made moves to accelerate their growth, including:
- Evolve: Partnered with data privacy specialist BlackFog to help its policyholders assess their current exposure to cyber threats and mitigate ransomware risks
- Cowbell Cyber: Introduced Prime Plus, a cyber coverage line that provides businesses with access to an additional $10 million in excess limits; this line is available to companies with revenues up to $1 billion
- Zeguro: Added coverage for computer fraud and other cyber threats to its cyber insurance portfolio
The global cyber insurance market is projected to expand at a compound annual growth rate of 21.2 percent between 2020 and 2025, according to industry analyst Markets and Markets. This sector also could be worth $20.4 billion by 2025.
