Cyber insurance platform At-Bay has collected $34m in its Series B round which was led by Acrew Capital and Munich Re Ventures.
Previous backers Khosla Ventures, Lightspeed Venture Partners and angel investor Shlomo Kramer also contributed to the round.
With the fresh funds, the InsurTech will look to enhance its product offerings and deepen the foundations of its insurance offerings through deeper underwriting and claims management.
At-Bay is a cyber insurance platform which actively helps to protect a company from data breeches, cyberattacks, financial fraud, extortion, business interruption and media liability. Continuous vulnerability monitoring is included with the insurance policy, which monitors the perimeter of a company and alerts them of any new vulnerabilities.
Its insurance policies are backed by Hartford Steam Boiler Inspection and Insurance Company, a division of Munich Re.
The company hit several key growth milestones last year including the doubling of its team, opening new offices in New York and Atlanta, and increasing its broker network by 400%. At-Bay also experienced a 10 times revenue growth year-over-year and 100% policy renewal year-over-year, it claims.
“Cyber criminals are creative and always hunting for new vulnerabilities, even the best defense may have holes,” said Stephanie Watkins, senior vice president of HSB.
“At-Bay believes businesses need cyber insurance that’s as strong as their security, that’s why we’ve invested in At-Bay and will also continue to provide the underwriting capacity they need to grow,” she added.
The fresh capital injection brings At-Bay’s total funding efforts up to $51m. At-Bay’s previous funding round was a $13m Series A back in 2018. A $6m seed round was raised by the company in 2017 to support it launch from stealth operations.
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