Cyber insurance company Coalition has raised $90 million in a Series C funding round led by private investment firm Valor Equity Partners. The new funding comes as Coalition's reach base now exceeds 25,000 customers, up 600 percent year over year, the company says.
Coalition will use the Series C funding across the following areas:
- Cybersecurity Access: Will offer free cybersecurity capabilities to small and medium-sized businesses (SMBs).
- International Expansion: Will make its offerings available globally.
- New Products: Will develop new insurance products to address emerging cyber threats.
In addition, the Series C funding brings Coalition's total equity financing to date to $125 million.
Ahead of the funding, Coalition in November 2019 announced a partnership with security operations center-as-a-service (SOCaaS) platform provider Coronet.
Coronet provides its SMB customers with Coalition cyber insurance coverage up to $500,000, the companies said. It also ensures that these customers can use Coalition cyber insurance and access a bundled insurance offering as part of Coronet's Platinum product at no additional cost.
How Does Coalition Partner with Businesses?
Coalition delivers cyber insurance and cybersecurity tools to help businesses manage and mitigate risk, the company stated. It also provides up to $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, along with $20 million of coverage across all 10 provinces in Canada.
Furthermore, Coalition offers a free cybersecurity platform that includes 24/7 monitoring, employee training and security services. In doing so, Coalition helps businesses detect and prevent cyber incidents.
