Cyber insurance firm Resilience nabs $80m to ‘rise to the top’ in hard market
Cyber insurance and security solutions firm Resilience has raised $80 million Series C funding to expand into the middle market and other geographies globally, helping companies defend against the rising ransomware attacks.
The company believes a rapid surge in ransomware claims over the last year in a “hardened” cyber insurance market has created opportunities for newcomers to “rise to the top”.
The investment was co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital and Intact Ventures.
Resilience has built an Insure + Secure business model that provides both tailored insurance and security solutions. The financing will enable it to accelerate delivery of its solutions in North America and globally.
“We took a deliberate approach entering the middle market," explained Vishaal Hariprasad (pictured), chief executive officer of Resilience. “Our clients are discerning buyers with sophisticated infrastructure. We proactively connect their security posture with their insurance policy, not as vendors, but as partners. That personal, integrated approach of transparency and action is what makes us so different. This funding round signals that the market is ready for our insure + secure model.”
Michael Miller, CEO global specialty lines at Intact, said: “Resilience’s expertise, combined with an innovative approach to cyber risk, deliver unparalleled value for clients. The team has seen tremendous progress in the past year, setting the course for responsible and profitable growth. Intact Insurance Specialty Solutions is pleased to be a carrier partner.”
Justin Smith-Lorenzetti, Intact Ventures, added: “At Intact Ventures, we are thrilled to increase the size of our commitment and to invest in a world-class team building a category-defining business.”
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