Munich Re-backed cyber insurtech At-Bay hits $91m funding with new raise
Cyber insurance start-up At-Bay, backed by Munich Re Ventures and Microsoft’s venture fund M12, has secured $34 million in its Series C funding, taking the total raised to $91 million since it launched in 2016.
The Series C round was led by Qumra Capital and saw M12 double down on its commitment to At-Bay, along with existing investors Acrew Capital, Khosla Ventures, Lightspeed Venture Partners, Munich Re Ventures and entrepreneur Shlomo Kramer.
The company plans to use the new investment to further expand its team, launch new products, establish digital collaborations, and improve its automated underwriting platform.
The Series C is the company’s second funding round in nine months. At-Bay has established a regional presence in New York, Atlanta, Chicago, Portland, Los Angeles and Dallas, and is said to have increased its valuation nearly 10X over the course of one year.
Rotem Iram, At-Bay's co-founder and CEO, said: “Insurance is now an imperative for businesses to mitigate cyber risk, which is fast becoming the greatest threat they face. At-Bay helps businesses prevent cyber loss before it happens, with an in-house security team continuously monitoring the network of every company in our portfolio, offering actionable insights to strengthen security. This modern approach to risk management is not only driving strong demand for our insurance, but also enabling us to improve our products and minimize loss to our insureds.”
Roman Itskovich, co-founder and chief risk officer, added: "The significant investment we’ve raised this year will enable us to deepen our active risk monitoring and security services, while expanding into new markets with new products aimed at helping companies manage risk in the digital age."
Boaz Dinte, managing partner at Qumra Capital, said: “The centuries old industry of insurance has proven to be ripe for disruption, with the recent string of success of startups like Lemonade, Root and Hippo. At-Bay is the next insurance startup in line to breakout as they remake specialty insurance with digital-first products and services.”
Lior Litwak, partner at M12, commented: “At-Bay has built a different kind of insurance company, designed from the ground up to address the risk of doing business in the modern technology-driven economy. Securing a modern technology stack is a complex undertaking, especially for small and medium-sized organizations without the resources or sophistication to defend themselves against the organized threats they face today. We see immense potential in the new layer of cyber risk analysis and mitigation At-Bay can bring to these businesses.”
