Coalition announced that the company has raised $90 million in Series C funding. The company stated that the capital will be spent to fuel its mission to solve cyber risk and support its rapid growth and global expansion. The funding was led by Valor Equity Partners, with participation from Felicis Ventures, Greyhound Capital, and Coalition’s existing investors. The company’s customer base has increased by 600% from the prior year and crosses 25,000.
The funding will help the company target three key areas:
Cybersecurity Access: Once accessible only to national governments and large enterprises, Coalition will continue to make available, at no cost, state-of-the-art cybersecurity capabilities to small and midsize businesses. Coalition’s small and midsize policyholders experienced claims that cost an average of $160,000.
International Expansion: Cyber risks know no boundaries, and Coalition plans to make its offerings available globally starting with Canada.
New Products: Coalition plans to develop additional insurance products to address a new range of threats technology brings to both tangible and intangible assets.
Joshua Motta, Founder and CEO of Coalition said,
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“Cybersecurity isn’t a technology problem, it’s a risk management problem. Traditional cybersecurity technology such as firewalls and antivirus were designed to protect networks, not businesses. Coalition protects an entire business by offering cybersecurity-as-a-service without any additional hardware or software, security and incident response services, and comprehensive insurance cover of up to $15 million.”