SAN FRANCISCO, Sept. 28, 2021 (GLOBE NEWSWIRE) — Coalition, the leading cyber insurance and security company, today announced it has raised $205 million to accelerate its scale, expand into new insurance lines and help organizations of all sizes remain secure in the face of increasing cyber threats. The new funding round was co-led by Durable Capital, T. Rowe Price Associates and Whale Rock Capital, with participation from the company’s existing investors, valuing Coalition at more than $3.5 billion.
Today, Coalition serves over 52,000 customers providing no-cost cybersecurity tools to prevent losses, security and incident response services to contain them and comprehensive insurance to help organizations recover from failures and breaches. While a dramatic increase in the number of cyber incidents in 2021 has triggered higher losses for many major cyber insurance providers, Coalition’s technology-first approach is powering a new, more successful model of risk management. Data from Coalition’s H1 2021 Cyber Insurance Claims Report show that its policyholders experience less than one-third the claim frequency compared to other cyber insurance carriers.
“We are building a new kind of insurance with technology at its core. This is a dramatically different approach and it’s working,” said Joshua Motta, CEO and co-founder of Coalition. “Insurers need to do more than analyze cyber risk once a year. We scan our policyholders 65,000 times a week. Our platform aggregates and analyzes data from every internet-addressable device inside a company, scanning a policyholder’s assets to identify potential vulnerabilities so we can help minimize risks. We are setting a new standard for an industry that has been slow to unleash the full power of data, and this has positioned our company for tremendous growth in the digital economy.”
The new funding comes as Coalition continues to ride a wave of massive growth as it crosses $325M in run rate premium, an 800% increase over the prior year.
Just last month, Motta was invited to the White House to participate in a meeting convened by President Biden on cybersecurity policy where Coalition announced its public commitment to offer its risk management platform, Coalition Control, at no cost to any business effective immediately. The platform includes continuous attack surface monitoring, recommendations on how to close security vulnerabilities, and a downloadable risk assessment to help organizations control their cyber risk exposure.
“Coalition is solving a critical gap in the cyber risk and insurance space by aligning the right incentives,” said Henry Ellenbogen, CIO of Durable Capital Partners LP. “The team at Coalition has vastly outpaced the industry in its ability to leverage data and capture the lion’s share of tech and the technology-powered insurance market. We believe digital assets will soon be more valuable than physical assets placing Coalition firmly on the path toward long-term sustainable growth and value creation.”
Coalition has raised over $500 million in equity funding to date from leading global technology investors, including Durable Capital, T. Rowe Price Associates Inc, Whale Rock Capital, Index Ventures, General Atlantic, Ribbit Capital, Vy Capital and Valor Equity Partners, among others. Founded in 2017 by Joshua Motta and John Hering, Coalition is one of the largest cyber insurance and security providers in the United States and Canada. The investment follows long-term capacity commitments from leading global insurers Swiss Re and Arch Insurance.
To learn more about Coalition, visit coalitioninc.com.
Coalition is the leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s of London, among others, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition’s team is global with employees based across the United States, Canada, the United Kingdom, Switzerland, and Portugal.
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