San Francisco-based cyber insurance company Coalition has raised $250 million in a Series F funding round, at a valuation of $5 billion.
Coalition was previously valued at $3.5 billion after raising $205 million in a Series E funding round announced in September 2021. The company had achieved unicorn status half a year earlier.
The latest funding, which brings the total raised by Coalition to more than $755 million, came from Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors.
Coalition’s approach involves providing customers with tools and capabilities for active risk assessment, system monitoring and alerting, and incident response.
[ READ: Improving Security Posture to Lower Insurance Premiums ]
Coalition claims to serve more than 160,000 customers, with a run rate GWP of $775 million. The company is one of the largest cyber insurance providers in the US and Canada, and it will launch a cyber program in the UK later this year through a partnership with Allianz.
“Many organizations remain unprotected in the face of rising digital threats, and neither traditional insurance nor cybersecurity alone is well equipped to help them,” said Joshua Motta, CEO and co-founder of Coalition.
“Our active approach to underwriting, monitoring, and responding to digital risk has allowed Coalition to achieve market leading underwriting results while demonstrably reducing claims and losses for our customers so they can continue to thrive in the digital economy,” Motta added.
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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.
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