SME cyber insurer Cowbell Cyber takes $100m in B-series funding

SME cyber insurance provider  Cowbell Cyber raised $100 million in a B-series funding round led by Anthemis Group to bolster underwriting and investments into tech and operations.

The investor group brought in Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and "all existing investors," Cowbell Cyber said in its statement.

Cowbell will put the moneys to "increase investment in data science, underwriting, risk engineering and claims management; expand go-to-market channels including digital distribution; and support Cowbell Re, the company's reinsurance captive."

Cowbell is selling an explosive market penetration story on claim that one in five U.S. SMEs remains uninsured or underinsured for cyber risk.

"As we position ourselves to lead the 'second wave' of cyber insurance growth, this funding will accelerate our pioneering approach to cyber risk underwriting and drive growth and profitability while closing insurability gaps," Cowbell's founder and CEO Jack Kudale (pictured) said.

Anthemis group managing director Matthew Jones will join the Board of Directors and PruVen Capital partner Victoria Cheng will join as a Board observer. CDX Advisors partner Michael Christenson joins as an independent board member.

"With its unique approach to cyber risk underwriting and continued collaboration with cybersecurity suppliers, Cowbell Cyber has positioned itself as the leader in the cyber insurance space for SMEs," Jones said.

Cowbell, launched in 2019, claims to have secured 40% growth in gross written premium in 2021 while holding loss experience "among the lowest in the industry."

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