Coalition has raised $175 million from investors to expand the firm's team and cyber insurance product portfolio.
Announced on Wednesday, the San Francisco-headquartered company said the latest funding round was led by Index Ventures. Existing investors include General Atlantic, Ribbit Capital, Vy Capital, and Valor Equity Partners.
Founded in 2017, Coalition primarily serves US and Canadian companies by offering up to $15 million in cyber insurance to cover cyberattacks, data breaches, and other security incidents.
Policies can be taken out to include actual financial loss and stolen funds, incident response, lost business income, extortion, and even "reputational repair" -- a common factor when a company is viewed poorly for either becoming a victim of or responding badly to a data breach.
Coalition intends to use the new funding to invest in insurance innovation, the creation of new product lines that tackle problems "not well covered by standard business insurance policies" in the enterprise sector, and to enter new international markets.
To date, the company caters to over 42,000 customers worldwide. Insurers Swiss Re and Arch Insurance have agreed to long-term capacity commitments.
In 2019, Coalition completed the acquisition of BinaryEdge, a search engine platform for finding internet-facing and exposed devices. The firm's technology was integrated into Coalition services to alert customers to their exposed -- and potentially vulnerable -- devices and servers.
Previous and related coverage
- What is cyber insurance? Everything you need to know about what it covers and how it works
- Best cyber insurance in 2021
- Coalition acquires IoT search engine BinaryEdge
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