Online security insurance provider Coalition has collected $10m in its Series A round.
Contributions to the round came from investors including Vy Capital, Ribbit Capital, Valor Equity Partners, Y Combinator president Sam Altman, and Softbank Vision Fund senior managing director Deep Nishar.
Coalition offers cyber insurance products which are supported by global insurers Swiss Re Corporate Solutions and Argo Group. The company provides both insurance and cybersecurity products to SMBs, helping to protect a company from risk and loss.
Coverage can be taken out for both 1st and 3rd party work; included with all policies are protection for worldwide seffort, cyber terrorism, IoT solutions and social media. Other products include funds transfer fraud, business interruption, ransomware, network breaches, system failure, and digital asset restoration, among others.
Clients also receive free cybersecurity solutions to help prevent any attacks, helping to monitor any customer’s breached passwords, ransomware protection, software patching, DDoS mitigation, threat monitoring and ethical hacking to find issues.
This equity injection will be used to support the growth the company’s engineering team, and expanding its risk management platform.
Coalition CEO and co-founder Joshua Motta said, “Solving cyber risk doesn’t mean solving security failures. It means allowing companies to embrace technology while remaining resilient to the risks that accompany it. We provide companies with free cybersecurity to prevent loss before it occurs, and expert response and comprehensive insurance coverage when all else fails.”
Last week, Vectra, which uses AI technology to detect cyberattacks and mobilise security measures, closed a $36m funding round led by Atlantic Bridge.
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