Cyber insurance and security provider Coalition this week announced that it has raised $90 million in equity capital.
Founded in 2017, the San Francisco-based startup provides up to $15 million of cyber and technology insurance coverage to companies in all 50 U.S. states and the District of Columbia, and CAD $20M of coverage across all 10 provinces in Canada.
The company is backed by global insurers Swiss Re Corporate Solutions, Lloyd’s of London, and Argo Group. It has offices in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver, and Toronto.
Over the past year, Coalition saw its customer base grow 600%, to pass the 25,000 mark. The new funds, the company says, will help it support rapid growth and global expansion.
The company provides a combination of insurance and proactive cybersecurity. The offer includes a cyber risk management platform for automated security alerts, threat intelligence, guidance, and cybersecurity tools.
With the new funding, Coalition aims to provide small and mid-sized businesses with enhanced cybersecurity capabilities; to expand worldwide, starting with Canada; and deliver new insurance products to address a wider range of threats.
“Traditional cybersecurity technology such as firewalls and antivirus were designed to protect networks, not businesses. Coalition protects an entire business by offering cybersecurity-as-a-service without any additional hardware or software, security and incident response services, and comprehensive insurance cover of up to $15 million,” Joshua Motta, founder and CEO of Coalition, commented.
The new funding round was led by Valor Equity Partners, but also saw participation from Felicis Ventures, Greyhound Capital, and Coalition’s existing investors, including Vy Capital, Ribbit Capital, Hillhouse Capital, and Greenoaks Capital, among others.
To date, the company raised a total of $140 million, including $125 million in equity funding.
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