Leading cybersecurity for insurance providing company Cowbell Cyber announces that it has raised $100 million in its recently held series B funding round led by Anthemis Group.
Many investors, including Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech, and other existing investors, also participated in the company’s latest funding round.
Cowbell Cyber plans to use the fresh funds to increase investment in data science, underwriting, risk engineering, claim management and to increase support for its reinsurance captive unit named Cowbell Re.
The COVID-19 pandemic had ignited the demand for cybersecurity as most businesses across the world started adopting a digital approach. Moreover, the current ongoing crisis between Russia and Ukraine has further fueled the need for cybersecurity.
According to Cowbell, one out of five medium-to small-sized businesses has remained uninsured in recent times. Therefore, the company plans to change the scenario and responsibly grow its cyber insurance business.
Co-founder and CEO of Cowbell Cyber, Jack Kudale, said, “Cowbell is known for closing insurability gaps, bringing transparency in risk selection and pricing, and offering relevant and customizable coverage, all while extending the value of cyber insurance with risk management solutions that enable organizations to strengthen their resilience to cyber attacks.”
He further added that they intend to be at the forefront of this second wave by revolutionizing cyber risk underwriting. Cowbell Cyber will primarily focus on three critical areas, including funding risk-bearing capabilities to augment reinsurance, investing in closed-loop risk management for policyholders, and improving broker efficiencies in the distribution of cyber insurance.
San Francisco-based cyber insurance firm Cowbell Cyber was founded by Jack Kudale, Prab Reddy, Rajeev Gupta, and Trent Cooksley in 2019. The company specializes in offering standalone, individualized, and easy-to-understand cyber insurance for small and medium-sized businesses. To date, Cowbell Cyber has raised more than $123 million over three funding rounds.