Cyber specialist Coalition raises $175m cash; targets international growth
Coalition, the cyber insurance and security company, has raised $175 million to accelerate its rapid growth and global expansion.
Index Ventures led the funding with participation from General Atlantic and the company’s existing investors, valuing Coalition at $1.75 billion.
Coalition said it will use the cash to invest in three key areas: new technology; the launch of new insurance products not well covered by standard business insurance policies; and the expansion of its offerings into multiple new international markets.
Coalition has now raised $300 million in equity funding from global technology investors, including Index Ventures, General Atlantic, Ribbit Capital, Vy Capital, Hillhouse 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 US and Canada.
“We founded Coalition four years ago with a mission to solve cyber risk, introducing a technology-led approach to risk management and insurance underwriting, pricing, and distribution,” said Joshua Motta, CEO and co-founder of Coalition. “Our ambitions now extend beyond cyber insurance. Nearly one in ten Fortune 500 companies is an insurance company, yet most were founded before World War II. With this funding, we plan to bring our technology-driven approach to other lines of commercial insurance as we seek to build the digital insurance company of the future.”
Shardul Shah, partner at Index Ventures, added: “Coalition is the clear leader in this space and we’re excited to support their vision to reimagine commercial insurance. Not only does Coalition provide peace of mind after a loss, but also peace from mind: their risk management platform, predictive analytics, and incident response services help organizations decisively and affirmatively remain resilient to risk.”
Paul Stamas, managing director and global co-head of Financial Services at General Atlantic, added: “Despite a surge in cyber attacks and ransomware, Coalition has delivered industry-leading loss performance by leveraging differentiated technology across the policy lifecycle. We’re excited by the innovation that Coalition is driving in cyber insurance.”
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