The Toronto-based cyber insurtech, BOXX, has raised US$10mn in a Series A funding round which was led by SixThirty Ventures, Cyber Mentor Fund (CMF) and Zurich Insurance Group.
The insurtech, which provides cyber insurance solutions to small businesses, plans to use the new investment to expand its international footprint through hiring new team members to support the increased demand from clients, brokers, and partners.
Launched in 2018, BOXX has positioned itself as a market leader in cyber insurance products for small businesses in Canada and also has a presence in Europe and Latin America.
Cyber insurtech growth strategy
As part of the company’s growth strategy, BOXX also recently formed a global partnership with Zurich Global Ventures.
Speaking about the recent investment round, Vishal Kundi, CEO and co-founder of BOXX, explained, “Our model has been proven to help clients identify and stop attacks and should an incident occur, minimise the trauma and damage that typically ensues.”
He continued, “We want to continue to make it easier for customers to be smarter and more resilient to cyber threats”.
Jack Howell, CEO of Zurich Global Ventures, said, “BOXX’s prevention-led approach convinced us that they are building a winning business with the potential to actively shape cyber insurance for small to mid-sized businesses and consumers.”
Howell continued, “They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance. The combination of their knowledge and Zurich’s global reach and international expertise is a win-win situation for Zurich customers and BOXX.”
Tim Eades, general partner, CMF, added, “A massive opportunity exists to help companies and consumers reduce their growing digital risk exposure and we believe BOXX will play a role given their deep roots in the insurance industry and prevention-led approach
“We couldn’t be more excited about the relationship between Zurich and BOXX and are thrilled to be investing at a time in the BOXX journey when they are seeing unrivaled traction and staking a claim as a dominant force in the industry.”
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