Cyber insurance platform Coalition has joined the ever-growing list of FinTech unicorns, after its valuation hit $1.75bn.
The InsurTech hit the valuation after it closed a $175m round, which was led by Index Ventures. Contributions also came from General Atlantic and Coalition’s previous investors.
Coalition has three goals for the freshly close funds. The first is to build the digital insurance platform for the future. Coalition CEO and co-founder Joshua Motta said, “The future of insurance will be defined by technology, and we will continue to invest in building a leading technology company focused on innovation across all aspects of the insurance value chain.”
Its second initiative is to release new product lines, including insurance policies that address the risks facing modern enterprises but are missed by existing protections.
Finally, the company hopes to expand internationally into multiple new markets.
The InsurTech, which claims to have more than 42,000 customers, offers no-cost cybersecurity tools to help businesses prevent losses, security and incident response services and comprehensive insurance to recover from failures or breaches.
Motta said, “We founded Coalition four years ago with a mission to solve cyber risk, introducing a technology-led approach to risk management and insurance underwriting, pricing, and distribution.
“Our ambitions now extend beyond cyber insurance. Nearly one in ten Fortune 500 companies is an insurance company, yet most were founded before World War II. With this funding, we plan to bring our technology-driven approach to other lines of commercial insurance as we seek to build the digital insurance company of the future.”
This funding round brings Coalition’s total equity raised to around $300m. It previously raised $90m in May 2020, which was supplied by Valor Equity Partners, Felicis Ventures, Greyhound Capital and others.
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