San Francisco-based cyber insurance and security company Coalition has achieved unicorn status after raising $175 million at a $1.75 billion valuation.
The funding round, announced on Wednesday, was led by Index Ventures, with participation from General Atlantic and all previous investors. The company said it plans on using the money to expand its product offering and for its international expansion.
The latest funding round brings the total raised by Coalition to more than $300 million. In the previous round, announced in May 2020, the company secured $90 million at a valuation of nearly $900 million.
Coalition claims to have grown significantly and it now serves more than 42,000 customers.
In addition to insurance, the company offers customers a wide range of cybersecurity products and services, including credential monitoring, security awareness training, endpoint detection and response, patch management, threat monitoring, DDoS mitigation, and risk assessment.
Coalition is not the only cyber insurance firm to announce raising a significant amount of money this month. Cowbell raised $20 million in Series A funding and Corvus raised $100 million in Series C funding.
Related: The Case for Cyber Insurance