At-Bay, a cyber insurance platform, has closed its Series D on $185m and brings its valuation to $1.35bn.
Icon Ventures and Lightspeed Venture Partners served as the co-lead investors, with commitments also coming from Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer and Glilot Capital.
This Series D comes after a significant growth period for At-Bay. The InsurTech recently surpassed $160m in annual recurring revenue, which marks an 800% year-over-year premium growth.
With the capital injection, At-Bay is looking to launch new products, enter new markets, enhancing its platform’s capabilities and hire more staff.
At-Bay is a cyber insurance platform that offers policies with up to $10m in limits to businesses and up to $5bn in revenue for primary and excess products. Its insurance policies protect a range of damages, including data breeches, cyberattacks, crypto jacking, extortion, business interruption and reputational harm.
At-Bay Co-Founder and CEO Rotem Iram said, “We are seeing a shift in commercial insurance with regard to cyber risk, and At-Bay is leading the way.
“While legacy insurers are pulling back on coverage and raising rates in the face of challenges like ransomware, At-Bay is doubling down with a modern approach to risk management that helps businesses improve their security and avoid loss before it happens.”
As part of the investment, Icon Ventures general partner Preeti Rathi will join the InsurTech’s board of directors.
Speaking on the investment, Rathi said, “What this team has been able to achieve in less than five years is truly astonishing. Not only has At-Bay quickly emerged as a leader in the industry, but they’ve also redefined the role of security within the cyber insurance space. We look forward to being part of At-Bay’s journey.”
This Series D is At-Bay’s third funding round in 18 months. Its most recent round was its $34m Series C in late 2020, which was backed by Qumra Capital and others.
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