Coalition, Inc., a San Francisco, CA-based technology-enabled cyber insurance solution, raised $10m in Series A funding.
Backers included Vy Capital, Ribbit Capital, Valor Equity Partners, Sam Altman (President, Y Combinator), and Deep Nishar (Senior Managing Director, Softbank Vision Fund).
The company intends to use the funds to grow its engineering team and expand its cyber risk management platform.
Founded by Joshua Motta and John Hering, Coalition offers cyber insurance products supported by global insurers Swiss Re Corporate Solutions and Argo Group. The company began offering insurance and cybersecurity to small to midsize businesses (SMBs) in November 2017 and is licensed to offer insurance nationwide.
Through its 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.
Customers include technology companies, investment firms, retailers, banks, manufacturers, and healthcare providers.