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Every year, the global economy faces losses over USD 1.5 trillion to cybercrimes, and yet the majority of businesses are under-insured and under-prepared to manage and mitigate the risks of an increasingly digital world
FREMONT, CA: Cyber insurance and security firm Coalition raised USD 90 million in an equity capital round led by Valor Equity Partners, with participation from Felicis Ventures, Greyhound Capital, and Coalition's existing investors. The equity capital was raised to fuel the company's mission to solve cyber risk and support its rapid growth and global expansion. The new investment comes on the heels of a milestone achievement for the company whose customer base crossed 25,000, a 600 percent increase from last year. This makes the company one of the largest providers of cyber insurance and security in the U.S.
[vendor_logo_first]"Cybersecurity isn't a technology problem, it's a risk management problem," said Joshua Motta, founder, and CEO of Coalition. "Traditional cybersecurity technology such as firewalls and antivirus were designed to protect networks, not businesses. Coalition protects an entire business by offering cyber security-as-a-service without any additional hardware or software, security and incident response services, and comprehensive insurance cover of up to $15 million." The company's unique product offering combines its best in class insurance and proactive cybersecurity tools to help keep businesses safe.
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Every year, the global economy faces losses over USD 1.5 trillion to cybercrimes, and yet the majority of businesses are under-insured and under-prepared to manage and mitigate the risks of an increasingly digital world. Coalition aims to address this gap by providing no-cost cybersecurity tools to prevent losses, security and incident response services to contain them, and comprehensive cyber insurance to help organizations recover from failures and breaches. The new equity funding round will help the company focus on three key areas; Cybersecurity Access, New Products, and International Expansion.
"We view Coalition as a category-defining company that is fundamentally changing the way organizations engage with insurance. Coalition is one of the fastest-growing insurance technology companies despite raising a fraction of the capital of its peers," said Antonio Gracias, founder, and CEO of Valor Equity Partners. To date, Coalition has raised a total of USD 125 million in equity funding from various investors, including Vy Capital, Ribbit Capital, Hillhouse Capital, Valor Equity Partners, and Greenoaks Capital. All existing investors participated in Coalition's latest round of funding.
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