Converge Insurance has secured $15m in its Series A funding round to accelerate its business expansion.

The round was led by Forgepoint Capital. 

As part of the funding, Forgepoint managing directors Don Dixon and Andrew McClure will become part of Converge’s board of directors.

Converge said it intends to use the money to expedite the expansion of platform functionality and bolster its go-to-market and insurance capabilities.

The company also named Tom Kang as its CEO as part of the financing. 

Kang said: “Our mission is to empower policyholders with radically transparent cyber insurance so they can manage technology risks more intelligently. 

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“We’re thrilled to partner with the team at Forgepoint Capital, who uniquely understand the needs and opportunities of this burgeoning market. 

“This funding will enable us to expand our outreach and grow our bench of in-house experts while accelerating the availability of the Converge platform worldwide.”

As an MGA, Converge merges cyber insurance, security, and technology to provide cyber insurance and effective cyber protection. 

Converge uses a data ecosystem supported by professional underwriting to offer accurate cyber risk solutions that boost outcomes for its clients including small to medium-sized businesses (SMBs). 

In July 2023, insurer QBE North America forged a partnership with Converge to introduce a cyber insurance programme under which the latter will serve as a programme administrator.

Converge is the third firm focusing on the cyber insurance market to be incubated by Forgepoint.