American cyber insurance firm Cowbell Cyber has raised $100m in a Series B funding round led by Anthemis Group. 

Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and all existing investors of Cowbell Cyber also joined the round. 

Cowbell Cyber will use the proceeds to invest in data science, underwriting, risk engineering and claims management. 

The funds will also be used to expand go-to-market channels such as digital distribution and support the insurer’s reinsurance captive Cowbell Re. 

Cowbell Cyber founder and CEO Jack Kudale said: “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.”

The cyber insurer, which is focused on small and medium-sized businesses, anticipates in-force premiums for the US cyber insurance market to grow to $100bn by 2030. 

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Anthemis Group managing director Matthew Jones said: “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.

“The company has accomplished stellar results to date and we are thrilled to be a part of their next chapter.”

In the US, the insurer claims to have developed a cyber insurance distribution network with over 14,000 producers and saw its gross written premium grow 40 times in 2021. 

In March 2021, Cowbell received $20m in its Series A round, which was led by Brewer Lane Ventures and joined by Pivot Investment Partners and Avanta Ventures, among others.