Coalition,
the leading cyber insurance company for small and midsize businesses,
today announced it has closed a $40 million funding round. Ribbit
Capital led the investment with participation from Greenoaks Capital and
Hillhouse Capital.
Coalition aims to solve cyber risk for all organizations by
democratizing access to cybersecurity tools that prevent and mitigate
loss, along with expert incident response and comprehensive insurance
coverage should all else fail. With this new funding, Coalition will
expand its global, internet-scale data platform, which analyzes hundreds
of millions of data points to assess organizations’ risk within minutes.
Coalition will scale this global platform to provide cybersecurity risk
management tools to any organization for free.
“Cyber losses cost the global economy an estimated $1.5 trillion each
year, forcing thousands of SMBs to close their doors after experiencing
a security failure,” said Joshua Motta, CEO and Co-Founder at Coalition.
“Outdated approaches to cybersecurity aren’t working. While companies
can’t eliminate cyber risk, they can eliminate the cost of it.”
The new investment will also be used to triple Coalition’s engineering
and incident response team over the next year. The company recently
appointed Leon Rishniw as Head of Engineering. Leon brings a breadth of
cybersecurity expertise, having led engineering teams at Expanse and
Cloudmark. He joins security specialists with previous experience in
global cyber operations, who spent years countering adversaries as
members of the US intelligence community.
“The cyber security industry is massive, at over $100 billion in
revenue, yet security providers fail to eliminate breaches on behalf of
their clients. By contrast, the cyber insurance industry, which actually shares
the incentives of its customers to prevent breaches, is only $4 billion
today. The relative size of these two markets should be inverted,” said
Nick Shalek, General Partner at Ribbit Capital. “Coalition has the
strongest team to change the way businesses manage cyber risk having
built an unrivaled intelligence platform to underwrite risk based on the
real time indicators that an attacker would use, and a real capability
to assist during a claim.”
Through Coalition’s comprehensive insurance coverage and cybersecurity
tools, organizations receive protection from the entire spectrum of
cyber risk, including coverage for network breaches, systems failures,
ransomware, business interruption, funds transfer fraud, privacy
liability, regulatory fines and penalties, property damage, and more.
Coalition’s customers include leading technology companies, investment
firms, retailers, banks, manufacturers, non-profits, and healthcare
providers.
For more information, visit www.thecoalition.com.
About Coalition
Coalition, the cyber risk solution from Joshua Motta and John Hering,
combines comprehensive insurance and cybersecurity tools to help
businesses manage and mitigate cyber risk. Backed by A+/A rated insurers
Swiss Re Corporate Solutions and Argo Group, Coalition provides
companies with up to $10 million of cyber and technology insurance
coverage in all 50 states and the District of Columbia. Coalition’s
cyber risk management platform provides automated security alerts,
threat intelligence, expert guidance, and cybersecurity tools to help
businesses remain resilient in the face of cyber attacks. Coalition is
headquartered in San Francisco.
For more information about Coalition, please visit www.thecoalition.com.
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