Insurtech At-Bay closes funding extension; firm now valued at $1.3bn
Insurtech At-Bay has closed a $20 million extension to its Series D financing, adding new investor ION Crossover Partners. The extension brings the Series D round to $205 million, valuing the company at $1.35 billion.
In July 2021, At-Bay closed a $185 million Series D round, co-led by Icon Ventures and Lightspeed Venture Partners, with participation from existing investors including Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.
In the face of a ransomware surge across the industry, At-Bay’s ransomware claims frequency remains seven times lower than the industry average. At-Bay details how its modern approach to risk management, with a combination of technical underwriting and active risk monitoring, helps the companies it insures experience fewer ransomware incidents in its report: Overcoming Ransomware: A Blueprint for Thriving in a Digital World.
At-Bay also recently announced a collaboration with Microsoft to help SMBs proactively manage cyber risk. In Q2 of 2021, the company surpassed $160 million in annual recurring revenue on 800% year-over-year premium growth. At-Bay has raised $292 million to date.
“ At-Bay has a tremendous opportunity to redesign the insurance operating system,” said Jonathan Kolodny, Partner, ION Crossover Partners. “We are already seeing their positive impact on SMBs by reducing ransomware incidents, and we are excited to see their impact grow as they apply their proprietary automated underwriting platform to new products and services.”
Rotem Iram (pictured), Co-Founder and CEO of At-Bay, added: “ At-Bay’s success helping SMBs experience fewer ransomware incidents is resonating with customers and investors alike. ION has an impressive track record of shepherding startups to successful outcomes, and we are proud to have them as an investor.”
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