Upfort, a pioneering cyber security and insurance platform, has raised a substantial $8m in a recent Series A funding round.
The round was spearheaded by SYN Ventures and saw significant contributions from Eniac Ventures and Fika Ventures. Notably, the latter two had co-led Upfort’s seed round.
This recent injection of capital aims to bolster Upfort’s ambition of simplifying insurance sales processes for brokers and insurers. Furthermore, the platform seeks to protect clients from the growing menace of cyber threats. In the past year alone, ransomware attacks impacted a staggering 66% of organisations, resulting in a considerable financial drain on the global economy.
Upfort stands out with its innovative approach to assessing and managing cyber risks. By equipping insurers and brokers with its platform, the company substantially reduces their clients’ vulnerability to cyber attacks. A recent study over an 18-month period highlighted the efficacy of the ‘Upfort Shield’ program. Policyholders who implemented the program witnessed a drastic 80% reduction in the likelihood of filing a claim. The platform offers a holistic solution, from risk management tools to insurance policies, all under one user-friendly interface.
Xing Xin, Upfort CEO and Co-Founder, expressed his gratitude to the investors, stating, “Upfort was founded as a comprehensive cyber platform to safeguard businesses against evolving threats and new risks. The new investment will enable us to build on these efforts as we continue our mission of accelerating the world’s journey toward cyber resilience. We are grateful for the ongoing support of all of our investors, including SYN Ventures, as we fundamentally transform the economics of cyber risk. Today’s announcement is a testament to their trust and support of our work to bolster cyber resilience for companies worldwide.”
For businesses, partnering with Upfort promises modern cyber protection. The platform transforms the traditionally intricate and expensive cyber insurance underwriting process. Upfort’s proprietary technology simplifies the purchasing journey for brokers, insurers, and clients alike. Comprehensive features such as AI-powered email protection, network defence, and continuous monitoring aim to prevent financial damages resulting from cyber incidents.
Ryan Permeh, Operating Partner at SYN Ventures, shared his enthusiasm, stating, “At SYN Ventures, we wholeheartedly believe in the Upfort team’s vision–and ability–to transform the way businesses approach cyber security protection and resilience overall. In an age of rising cybercrime, Upfort equips organisations with the tools they need to protect themselves against the threat of cyberattacks, prevent losses, and analyse risk more intelligently. We are excited to spearhead the Series A funding round for Upfort – can’t wait to see all it does next.”
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