Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60m Series C equity investment round.
With the fresh capital, Cowbell aims to scale its operations to meet the growing demand for cyber insurance.
The company plans to extend its presence in key international markets, enhance its cyber resilience services, launch innovative products, and strengthen strategic partnerships.
The firm is set to leverage advancements in AI and GenerativeAI to expand its technological infrastructure, driving efficiency and supporting expedited decision-making for policyholders and brokers through traditional, digital, and API-driven channels.
The round was led by Zurich Insurance Group, a prominent global multi-line insurer.
Zurich’s investment highlights its commitment to providing businesses with top-notch cyber protection and resilience solutions, particularly for the SME and middle market segments.
This partnership aligns with Zurich’s goal to utilise best-in-class technology to address the evolving complexities of cyber risk management.
Cybercrime costs are projected to reach $24tn globally by 2027, with ransomware attacks alone costing small businesses an average of $1.7m per incident.
Sierra Signorelli, CEO Commercial Insurance at Zurich said, “Cyber threats remain a major concern for business leaders due to their constantly evolving nature. To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers. Cowbell is an excellent partner for managing cyber risks. They use a data-centric approach to risk management, provide continuous risk assessments, actively monitor threats, and have strong underwriting expertise. And all of this is centered around a highly advanced digital platform designed to boost cyber resilience for their customers.”
Jack Kudale, founder and CEO, Cowbell said, “This investment from Zurich is the strongest endorsement of Cowbell’s vision and capabilities yet and deepens our footprint in the global cyber insurance market. With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape.”
Cowbell’s broker-first approach and its user-friendly platform have gained worldwide traction and trust, with licensed producer growth nearly tripling over the last two years. By reinvesting in AI and GenAI advancements, Cowbell aims to bring greater transparency to cyber risk, facilitating smarter decision-making and raising cyber resilience standards for brokers and businesses globally.
This latest investment marks a significant milestone in Cowbell’s rapid scaling journey, following a year of significant geographic and product expansion, technological growth, and the onboarding of industry experts, solidifying its position in the global cyber insurance market.
To date, Cowbell has raised $202m, maintaining capital efficiency throughout its journey. The company remains committed to protecting, educating, and empowering SMEs, mid-market businesses, and the broker community against current and future cyber threats.
J.P. Morgan Securities LLC acted as financial advisor, while Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP provided legal counsel to Cowbell in this transaction.
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