Coalition Inc., a San Francisco-based cyber insurance provider, has raised $10 million in Series A funding from Ribbit Capital, Valor Equity Partners, Vy Capital and other investors, the company confirmed today.
With the Series A funding, Coalition will expand its engineering team and bolster its cyber risk management platform, co-founder Joshua Motta stated.
The Coalition cyber risk management platform offers threat and intelligence alerts, ransomware and denial of service protection, patch and vulnerability management and other cybersecurity capabilities. In addition, the platform provides these capabilities to end users "without any complex setup or configuration," according to Coalition.
Coalition Cyber Insurance Platform
Key features of the Coalition cyber risk management platform include:
- Credential Monitor: Alerts an organization if an employee's password or identifying information is stolen.
- DDoS Mitigation: Provides an always-on distributed denial-of-service (DDoS) mitigation service that can be set up in just minutes.
- HackerOne Response: Enables an organization to create a vulnerability disclosure program on the HackerOne bug bounty platform and receive and respond to vulnerabilities discovered by ethical hackers.
- Patch Manager: Scans an organization's internet-facing infrastructure for out-of-date software and vulnerabilities and enables end users to configure alerts and work with Coalition's security team to protect their organizations against cyberattacks.
- Ransomware Prevention: Provides anti-ransomware software that protects an organization against 99 percent of known ransomware.
- Threat Monitor: Combines threat intelligence and analysis to help organizations find ways to limit the impact of a data breach.
Coalition also provides cybersecurity and cyber risk management apps. By doing so, Coalition takes a fully integrated approach to cyber risk management, the company said.
What Do Coalition Cyber Insurance Products Offer?
Coalition in December launched cyber insurance products backed by commercial insurer Swiss Re Corporate Solutions and specialty insurance underwriter Argo Group. These cyber insurance products include policies for small and medium-sized businesses (SMBs) and cyber and technology errors and omissions insurance with up to $10 million in coverage.
The Coalition cyber insurance portfolio is delivered via insurance brokers in all 50 states and helps organizations detect, manage and mitigate cyber threats, the company said. Coalition's cyber insurance products also feature pricing as low as $200 per year.