US-based cyber insurance and security company Coalition has raised $175m to accelerate its rapid growth and global expansion.
The funding round, which takes the firm’s valuation to $1.75bn, was led by Index Ventures with participation from General Atlantic and the company’s existing investors.
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Coalition co-founder and CEO Joshua Motta said: “We founded Coalition four years ago with a mission to solve cyber risk, introducing a technology-led approach to risk management and insurance underwriting, pricing, and distribution.
“Our ambitions now extend beyond cyber insurance. Nearly one in ten Fortune 500 companies is an insurance company, yet most were founded before World War II. With this funding, we plan to bring our technology-driven approach to other lines of commercial insurance as we seek to build the digital insurance company of the future.”
Growth and expansion plans
Founded in 2017 by Joshua Motta and John Hering, Coalition offers no-cost cybersecurity tools to prevent losses. It also provides security and incident response services to contain the losses and insurance to help organisations recover from failures and breaches.
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By GlobalDataTo date, the company has raised $300m in equity funding from global technology investors, including Index Ventures, General Atlantic, Ribbit Capital, Vy Capital, Hillhouse Capital, and Valor Equity Partners, among others.
The investment is said to follow long-term capacity commitments from insurers Swiss Re and Arch Insurance.
Coalition said that it intends to use the new capital to invest in building a ‘leading technology company focused on innovation across all aspects of the insurance value chain’.
The proceeds will also support the expansion of its product line. The company is currently gearing up to roll out new insurance offerings targeting a spectrum risks faced by modern enterprise.
Additionally, its plans to expand its offerings into several new international markets.
Last May, Coalition expanded its cyber insurance and security offerings to Canada.
