Coalition, a San Francisco-based startup that combines cyber insurance and proactive cybersecurity tools, is preparing to expand outside of the U.S. for the first time following a mega $250 million Series F investment that takes its valuation to $5 billion.
The investment, backed by Allianz X, Valor Equity Partners and Kinetic Partners, comes less than a year after the company’s $205 million Series E raise in September, which valued the company at $3.5 billion. Since then, the company has more than tripled its customer base, from 52,000 to 160,000, Joshua Motta, CEO and co-founder of Coalition, tells TechCrunch, and has seen an almost 200% increase in revenue growth.
This, Motta tells us, is a result of the booming cyber insurance market. While many in the cybersecurity industry are starting to feel the effects of the economic storm, the cyber insurance market grew an estimated $7.5 billion in 2021 and is expected to continue growing at 25% year on year. Coalition, which classes AIG, Beazley and Hiscox as its fiercest competitors, tells TechCrunch that it remains “one of the largest providers” in the market thanks to its “unique combination” of tech, data and insurance.
“This expertise allowed Coalition to build a strategic underwriting advantage by actively analyzing data we’ve accumulated through public web scans, infosec capability and through our own claims and incident tracking,” Motta tells TechCrunch. “We use all this data not only to select better risk but also to help spot and prevent cyber threats for our policyholders.”
As a result of the startup’s recent growth and a recent partnership with international financial services provider Allianz, Coalition tells TechCrunch that for the first time since its founding in 2017, it’s planning to offer its cyber insurance policies in the U.K. Until now, its services have been available only in the U.S. and Canada.
“This funding will be critical in powering our international presence, and reaching more communities with our tools,” Motta said, adding that the company will also use the $250 million investment for hiring and retaining talent.
However, Motta wouldn’t be pressed on whether this will be the company’s last raise before Coalition plots its exit, despite telling TechCrunch back in September that its Series E raise could be its final funding round before the startup prepares to go public.
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July 08, 2022 at 06:32PM
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Cyber insurance startup Coalition plots global expansion as valuation hits $5B - TechCrunch
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