Coalition is a San Francisco-based cyber insurance and security start-up that helps businesses and enterprises manage and mitigate their cyber risks such as hacking and data leaks. Recently, the start-up has announced to have raised funds worth USD 175 million in its latest Series D financing round which was reportedly led by Venture Capital Firm Index Ventures.
According to several reports, existing investors including global growth equity fund General Atlantic, Venture Capital firm Ribbit Capital, Chicago-based Valor Equity Partners and Dubai-based investment firm Vy Capital are also known to have participated in the company’s latest funding round.
Founded back in the year 2017 by Joshua Motta and John Hering, Coalition aims to provide security and insurance to companies. The start-up is known to combine cybersecurity tools along with comprehensive insurance covers to help businesses and startups to manage and mitigate their cyber risks.
Having said that, when asked about the funding, the company mentions utilizing this latest infusion of funds for global expansion and to accelerate its growth graph through enhancement of its product portfolio. The company also aims to address a wide range of risks that can be faced by a modern-day enterprise or business. There are many concerns and risks that are not covered in a standard business insurance policy and Coalition aims to address these issues as well.
Coalition provides businesses and enterprises with up to USD 15 million worth of cybersecurity and technology insurance covers according to the company profile on Crunchbase. In addition to this, there is also a CAD 20 million coverage in Canada for the same.
Cyber-attacks, hacks and breach of security are common issues with modern-day enterprises, especially when the business is all digital. Cybersecurity coverage in insurance is a must for these companies and Coalition serves to provide just that.
The cyber risk management platform provides features like expert guidance, cybersecurity tools, threat intelligence and automated security alerts to helps businesses stay actively resilient in the face of a cyber-attack.
As mentioned in a report by Finsmes, Coalition presently serves more than 42,000 customers, providing no-cost cybersecurity tools and insurance coverage to companies for cybersecurity purposes and to prevent losses. The U.S.-based start-up provides insurance coverage to businesses and organizations to help them recover from cyber hacks, security breaches and other failures.
According to the company profile on Crunchbase, Coalition has to date raised a total sum of USD 315 million in over 5 financing rounds with the latest one being its Series D funding round.