Coalition, a San Francisco, CA-based cyber insurance company for small and midsize businesses, closed a $40m funding round.
The round was led by Ribbit Capital with participation from Greenoaks Capital and Hillhouse Capital.
The company intends to use the funds to triple engineering and incident response team over the next year and to scale its global platform.
Co-founded by Joshua Motta and John Hering, joined by recently appointed Head of Engineering Leon Rishniw, Coalition provides a cyber risk solution that combines comprehensive insurance and cybersecurity tools to allow businesses manage and mitigate cyber risk.
Backed by insurers Swiss Re Corporate Solutions and Argo Group, the company provides companies with up to $10 million of cyber and technology insurance coverage in all 50 states and the District of Columbia.
Its cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to allow businesses to protect from the entire spectrum of cyber risk, including coverage for network breaches, systems failures, ransomware, business interruption, funds transfer fraud, privacy liability, regulatory fines and penalties, property damage, and more.
Customers include technology companies, investment firms, retailers, banks, manufacturers, non-profits, and healthcare providers.