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.
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