Markel invests in AI-powered insurtech Cowbell Cyber
Cowbell Cyber, a provider of artificial intelligence-powered cyber insurance to small and medium enterprises (SMEs), has secured $20 Million in its Series A funding.
The investment was led by Brewer Lane Ventures, with participation from Pivot Investment Partners, Avanta Ventures, Markel Corporation, and existing investors ManchesterStory, Tri-Valley Ventures, and Holmes Murphy.
The new capital will be used to fund product development, expand risk engineering, sales, marketing, and increase Cowbell's footprint across the US.
Cowbell said its gross written premium run-rate has grown 1595 percent over the past six months driven by an appointed network of 4500 agents and brokers using its platform.
Martha Notaras, managing partner at Brewer Lane Ventures, will join Cowbell's board of directors and Akbar Poonawala, co-founder at Pivot Investment Partners, will join as a board observer.
Jack Kudale, founder and chief executive of Cowbell Cyber, said: "Cybersecurity is now a risk management issue that is critical to the future of the insurance industry and is evolving at a pace that insurers have rarely see.
"Cowbell Cyber has capitalised on businesses' accelerated digitisation and an ever-changing threat landscape. Cowbell embraces AI and machine learning to gain efficiency and accuracy when assessing and underwriting cyber risk while focusing on the fundamental needs of our policyholders: keeping their businesses protected from evolving cyber threats."
Notaras commented: "Through its cutting-edge, AI-powered platform, Cowbell Cyber is well-positioned to disrupt today's explosive cyber insurance market and redefine the industry. As the marketplace continues to see significant growth, we are thrilled to be joining the organization at a time in their journey where they are seeing unrivaled traction, and have put together a world-class team, staking a claim as a dominant force in the industry."
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