Coalition, a cyber insurance and security company, has completed a $205 million Series E funding round and increased its valuation to over $3.5 billion. The company will use the funding to scale its operations, expand into new insurance lines and help organizations explore new ways to guard against cyber risks, the company says.
The Series E funding brings Coalition's equity financing to date to over $500 million, the company said. It also comes after Coalition received long-term capacity commitments from global insurers Swiss Re and Arch Insurance.
Coalition Accelerates Its Growth
Along with closing its Series E funding round, Coalition achieved a $325 million run rate premium in 2021, up 800 percent year over year. (Actual revenue dollar figures were not disclosed.)
In addition, Coalition has made several moves to accelerate its growth in 2021. For instance, Coalition in July 2021 began offering excess cyber liability and technology errors and omissions insurance to Canadian brokers. The coverage is available for accounts with up to CAD $5 million (approximately $3.97 million) in aggregate limits for companies with up to CAD $1 billion (approximately $795 million) in revenue.
Meanwhile, Coalition and SentinelOne in June 2021 launched a joint solution that combines cyber insurance and threat monitoring. They also provide financial incentives to encourage their respective customers to leverage cyber insurance and endpoint detection and response (EDR) solutions.
A Closer Look at Coalition
Coalition provides no-cost cybersecurity tools, security and incident response services and cyber insurance, the company indicated. It provides these offerings to over 52,000 customers globally.
Furthermore, Coalition offers a partner program for insurance brokers and SaaS security providers. The program enables insurance brokers and SaaS security providers to integrate its cyber insurance and risk management solutions into their portfolios.