Cyber Insurer Coalition Raises $10 Million
Coalition, Inc., a technology-enabled cyber insurance solution, announced today that it raised $10 million in Series A funding from leading technology investors, including Vy Capital; Ribbit Capital; Valor Equity Partners; Sam Altman, president of Y Combinator; and Deep Nishar, senior managing director of Softbank Vision Fund.
Coalition, founded by technology entrepreneurs Joshua Motta and John Hering, offers cyber insurance products supported by leading global insurers Swiss Re Corporate Solutions and Argo Group. The company began offering insurance and cybersecurity to small to midsize businesses in November, 2017, and is licensed to offer insurance nationwide. Through Coalition’s cyber risk management platform, any business can access and configure a number of cybersecurity tools, including threat and intelligence alerts, ransomware and denial of service protection, and patch and vulnerability notifications, all without any complex setup or configuration.
Proceeds from the funding will be used to expand Coalition’s engineering team and continue developing its cyber risk management platform.