Cybersecurity insurance company Cowbell Cyber raise US$100mn
Cyber insurance provider, Cowbell Cyber, has secured US$100mn in new funding.
The new funding will be used to increase its investment in data science, underwriting, risk engineering and claims management, expand go-to-market channels and support Cowbell Re, the company’s reinsurance captive unit.
Anthemis Group led the Series B round with Permira, PruVen Capital, NYCA Partners, Viola Fintech and previous investors also participating.
"Since its 2019 inception, Cowbell has delivered on its promise to meet the needs of our policyholders by aligning cyber coverage to their specific exposures, continuously monitoring their rapidly changing threat landscape, and offering access to unique risk mitigation resources," said Jack Kudale, founder and CEO at Cowbell Cyber. "As we position ourselves to lead the 'second wave' of cyber insurance growth, this funding will accelerate our pioneering approach to cyber risk underwriting and drive growth and profitability while closing insurability gaps."
Developing cyber insurance for customers
As part of the funding, Matthew Jones, Managing Director at Anthemis Group will join the Board of Directors and Victoria Cheng, Partner at PruVen Capital will join as a Board observer. The company also appointed Michael J. Christenson, Partner at CDX Advisors, as an independent board member.
Cowbell Cyber is part of the cybersecurity Insurance market, which was valued at US$9.29bn in 2021, and is estimated to reach US$28.25bn by 2027 as the advancement of digitalisation and cloud computing makes it more difficult for security teams to secure their environments.
"With its unique approach to cyber risk underwriting and continued collaboration with cybersecurity suppliers, Cowbell Cyber has positioned itself as the leader in the cyber insurance space for SMEs," said Matthew Jones, managing director at Anthemis Group. "The company has accomplished stellar results to date and we are thrilled to be a part of their next chapter. We look forward to the innovation they'll continue to bring to the cyber insurance market."
Cowbell has developed one of the largest cyber insurance distribution networks in the US with more than 14,000 producers and has grown its monitored risk pool to more than 23 million businesses – 70% of the SME U.S. market. During 2021, Cowbell's gross written premium grew 40 times while loss experience has remained among the lowest in the industry driven by continued focus on underwriting discipline. The company will triple its policyholder base in 2022, solidifying its market position as the leading provider of cyber insurance to SMEs.
