San Francisco-based cyber insurance company Coalition has raised $205 million in a Series E funding round, at a valuation of over $3.5 billion. The firm has raised more than $500 million to date.
Coalition achieved unicorn status in March, when it announced raising $175 million at a $1.75 billion valuation.
The latest funding round was co-led by Durable Capital, T. Rowe Price, and Whale Rock Capital, with participation from existing investors. The money will be used to accelerate scale and expand into new insurance lines.
Coalition is one of the largest cyber insurance companies in North America. The firm claims to have more than 50,000 customers, which are provided with free cybersecurity tools designed to help them prevent and respond to security incidents.
“We are building a new kind of insurance with technology at its core. This is a dramatically different approach and it’s working as we set a new standard for an industry that has been slow to unleash the full power of data,” said Joshua Motta, CEO and co-founder of Coalition.
Motta added, “Transferring risk is not enough – We actively monitor our policyholder’s digital risk, help them address vulnerabilities, recover stolen funds, and reduce the number of claims our policyholders experience. Coalition is poised for tremendous growth as we help organizations of all sizes manage their risk in the digital economy.”