Cyber Insurer Coalition Raises $10 Million to Solve Cyber Risk for SMBs
SAN FRANCISCO - February 28, 2018—Coalition Inc., the first technology-enabled cyber insurance solution, announced today that it raised $10 million in Series A funding from leading technology investors including Vy Capital, Ribbit Capital, Valor Equity Partners, Sam Altman (President, Y Combinator), and Deep Nishar (Senior Managing Director, Softbank Vision Fund).
Founded by technology entrepreneurs Joshua Motta and John Hering, Coalition is a technology company that offers cyber insurance products supported by the financial strength of leading global insurers Swiss Re Corporate Solutions and Argo Group. The company began offering insurance and cybersecurity to small to midsize businesses (SMBs) in November 2017 and is licensed to offer insurance nationwide.
“Our mission is simple, yet monumental: to solve cyber risk for SMBs. We now have the team, technology, investors, and resources to do this,” said Joshua Motta, CEO & Co-founder, Coalition. “Solving cyber risk doesn’t mean solving security failures. It means allowing companies to embrace technology while remaining resilient to the risks that accompany it. We provide companies with free cybersecurity to prevent loss before it occurs, and expert response and comprehensive insurance coverage when all else fails.”
Through Coalition’s cyber risk management platform, any business can easily access and configure a number of cybersecurity tools including threat and intelligence alerts, ransomware and denial of service protection, and patch and vulnerability notifications, all without any complex setup or configuration. Coalition’s customers include leading technology companies, investment firms, retailers, banks, manufacturers, and healthcare providers.
"We believe that cybersecurity should be a public good, and now we have the backing and resources to democratize access to the technology SMBs need to protect themselves,” said John Hering, Co-founder and Director of Coalition. “The response from customers has been overwhelming—this may be the first time an insurance company has helped actually prevent a data breach.”
“Today, more than ever, cyber protection is critical for all businesses, creating an enormous market opportunity. Coalition has the right DNA and the best team to build a trusted brand that understands and addresses the cyber risk exposures of any SMB, giving business owners the peace of mind to focus on what matters the most to them,” said Micky Malka, Managing General Partner at Ribbit Capital.
Coalition's team includes technology entrepreneurs and executives that helped build Cloudflare, Lookout and OpenDNS, former members of the US Intelligence Community, and cyber insurance innovators. Their combined expertise puts Coalition in a unique position to understand and address today's cyber risk challenges.
Proceeds from the funding will be used to grow Coalition’s engineering team and expand its cyber risk management platform. Read more about Coalition’s plans on the Coalition blog, Solve Cyber Risk.