Venture capital outfit Forgepoint Capital has placed another bet in the cyber-insurance sector, leading a $15 million funding round for New York tech startup Converge Insurance.
The $15 million Series A investment is Forgepoint’s second push into the cyber-insurance sector following last year’s incubation of Surefire Cyber, a startup selling incident response services specifically to cyber insurers, brokers and legal firms.
Converge Insurance describes itself as a modern managing general agent (MGA) that fuses cyber insurance, security, and technology to address the small- and medium-sized business market.
The company says it is building “a proprietary data ecosystem underpinned by expert underwriting” to offer cyber risk solutions for the often-overlooked SMB market.
In tandem with the funding announcement, Converge announced the appointment of Tom Kang as CEO and new partnerships to help scale the business.
“Our mission is to empower policyholders with radically transparent cyber insurance so they can manage technology risks more intelligently,” Kang said. “This funding will enable us to expand our outreach and grow our bench of in-house experts while accelerating the availability of the Converge platform worldwide.”
The decision to invest in technologies for the cyber-insurance ecosystem comes amidst a surge in major ransomware attacks targeting businesses and new insurance mandates around stricter security controls required to renew and maintain policies.
Related: Surefire Cyber Tackles Incident Response With $10M Funding
Related: Improving Security Posture to Lower Insurance Premiums
Related: Cyber Insurance Renewals Powering Anti-Ransomware Success
Related: The Wild West of the Nascent Cyber Insurance Industry
Ryan Naraine is Editor-at-Large at SecurityWeek and host of the popular Security Conversations podcast series. He is a security community engagement expert who has built programs at major global brands, including Intel Corp., Bishop Fox and GReAT. Ryan is a founding-director of the Security Tinkerers non-profit, an advisor to early-stage entrepreneurs, and a regular speaker at security conferences around the world.
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