Cyber MGA Resilience bags $100m funding for European expansion
Cyber managing general agent (MGA) Resilience has raised $100 million Series D funding led by Intact Ventures, with participation from Lightspeed Venture Partners, following its recent entry into the European market.
The MGA said the funding will help accelerate its global expansion, particularly across Europe, and scale the adoption of its holistic cyber risk platform, the Resilience Solution, which launched earlier this year.
The Series D round was led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, Intact Insurance’s underwriting companies, with participation by Lightspeed Venture Partners, as well as General Catalyst and Founders Fund.
Resilience has raised over $225 million in prior funding and serves primary and excess clients in the US, UK, Canada, Ireland, Italy, Spain, and the Nordics. Built on an AI platform, the Resilience Solution enables policyholders to quantify their cyber risk and prioritise their security programme based on a return-on-investment analysis of their controls.
“The increase in ransomware attacks proves that there are longstanding gaps in today’s cybersecurity and cyber insurance practices,” said Vishaal Hariprasad, CEO and co-founder of Resilience. “Instead, enterprises need a way to look at their cyber risk in an integrated, economically-efficient, and predictable manner. This funding will accelerate our mission to make this a reality for more companies around the world. I want to thank our team and our broker partners for helping us arrive at this milestone.”
Justin Smith-Lorenzetti, Intact Ventures, commented: “We’re thrilled to lead Resilience’s financing round and to work together to build the cyber risk platform of the future. We’re eager to continue pairing the innovative cybersecurity solutions and expertise of Resilience with the insurance expertise of Intact Insurance’s underwriting companies as Resilience’s primary capacity provider.”
T. Michael Miller, CEO, global specialty lines, Intact Financial Corporation, added: “Having worked closely with Raj (Shah), V8, and the Resilience team, we are pleased to invest again in their cyber solutions. Partnering with Resilience brings deep security expertise to our customers in an ever changing cyber environment. We look forward to helping them grow their innovative approach to help clients become cyber resilient.”
Arif Janmohamed, partner at Lightspeed Venture Partners, which first invested in Resilience during its Series A round, said: “Securing a digital world at enterprise scale requires fundamental behavior change. We have been long-term believers in the Resilience team because they set out to fill this critical gap from day one. We are incredibly excited to see them executing on this vision over the past several years and we look forward to how they’ll help the market tackle cyber risk in the future.”
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