Cyber insurtech BOXX has announced a US$14.4mn Series B funding round which sees the firm backed by insurance giant Zurich.
Toronto-headquartered BOXX combines cyber insurance with cybersecurity tools to try and prevent loss or breaches from happening in the first place. It’s consistent with a wider trend towards ‘preventative’ cyber insurance across the industry, and has yielded significant results for BOXX.
The insurtech achieved its target of growing tenfold in the last two years and currently protects over 250,000 individuals and 10,000 businesses. The latest funding round takes the total amount raised by BOXX to nearly US$25mn, following the US$10mn Series A round announced in September 2021.
BOXX’s growth in recent years is underlined by the acquisition of cybersecurity platform Templarbit, which was agreed back in November. The company has already begun to integrate Templarbit’s threat intelligence software into its product suite and underwriting framework.
BOXX ‘addressing a complex problem with simplicity’
“Our goal was always to help our customers stay ahead of cyber threats in addition to being there to help them respond and recover from an incident,” says BOXX Insurance Co-Founder and CEO Vishal Kundi. “We’ve been making a lot of headway with this and additional category expansion.
“We’re not only seeing more of our existing cyber insurance customers adding our security products, but also seeing new customers coming in, attracted by our latest security products and services.”
Jack Howell, CEO of Zurich Global Ventures, adds: “We’ve seen how difficult it is to build cyber insurance solutions for the small business and consumer segments – it is costly and requires deep technical expertise to stay ahead. BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisors need.
“Helping customers with innovative digital solutions and embedding them into the customer journey is critical. It’s impressive to see the simplicity in how BOXX is tackling such a complex global challenge.”