Cyber insurance platform Coalition has bagged a $90m equity investment to support its rapid growth and global expansion.
The investment was led by Valor Equity Partners, with additional support coming from Felicis Ventures, Greyhound Capital, as well as, a number of the InsurTech’s existing investor base.
Coalition will be using the fresh funds to support three areas of growth. The first is with cybersecurity access. The InsurTech aims to make its cybersecurity tools more widely available to small and medium-sized businesses.
Next, the company will look to increase its international expansion efforts. The company will initially focus on entering the Canadian market.
Finally, the startup is planning to develop new insurance products which meet the changing threats technology is posing to businesses.
Coalition offers cyber insurance products which are supported by global insurers Swiss Re Corporate Solutions and Argo Group. The company provides both insurance and cybersecurity products to SMBs, helping to protect a company from risk and loss.
This funding round comes after Coalition has reached a customer base of 25,000, representing a 600% increase on the previous year.
Coalition founder and CEO Joshua Motta said, “Cybersecurity isn’t a technology problem, it’s a risk management problem.
“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.”
The company’s former funding round was a $40m capital injection from Ribbit Capital, Greenoaks Capital and Hillhouse Capital.
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