Buy Now Pay Later services are gaining momentum as the days go by. The sector has become a booming area for investors and companies as investments in that sector continues to grow. San Francisco-based cybersecurity insurance company Coalition has raised the sum of $205 million in a recently concluded Series E funding round, bringing the company’s value to above $3.5 billion.
The funding round was led by Durable Capital, Whale Rock Capital and T. Rowe Price. It also saw participation from existing investors. The cybersecurity company provides businesses with cybersecurity tools and insurance that they need to protect their businesses, customers and provide important services to their customers. With Coalition’s cybersecurity tools and insurance, businesses can reduce the cybersecurity risks that they may encounter. The company currently has more than 50,000 customers, which is more than double the amount it had in the previous year and has had a gross written premium run-rate of over $240 million which according to reports is an 800 per cent increase from the last year. The reason for this, according to the company, is that its policyholders experience at least one-third of the claim frequency when juxtaposed with other cyber insurance carriers.
Speaking on the company’s approach and how it provides quality cybersecurity services, Joshua Motta – co-founder and CEO of Coalition said that “this is a dramatically different approach and it’s working as we set a standard for an industry that has been slow to unleash the full power of data. The pandemic showed that cyber eisk is no longer a digital risk. Increasingly, a company’s industrial processes are controlled by computers, which means they’re at risk of being attacked”.
The company is big on leveraging every available opportunity and providing premium services. The recent spike in cyber attacks has been one of the company’s catalysts. The company’s co-founder and CEO was one of those invited to the White House Summit on tech, finance and energy for security, hosted by President Joe Biden.
“Coalition’s policy is unique in covering the full spectrum of physical damage that can result from a cyberattack, alongside the financial and intangible damages a company can suffer,” Joshua Motta said. “These investors all have impressive track records investing in long-term value creators in the public markets. We certainly see Coalition following that path but we’ll make future decisions based on what’s best for our customers and partners amidst evolving market conditions”, he added speaking about the investors that participated in the latest funding round.
The company revealed that the Series E funding could most likely be its last funding round before it goes public and plans to use the recently acquired funds to expand into new markets, employ new talents as well as improve its services.