UPDATED 22:26 EDT / MAY 20 2020

SECURITY

Cybersecurity and cyberinsurance startup Coalition raises $90M

Cybersecurity and cyberinsurance startup Coalition Inc. today said it has raised $90 million in new funding to help it further develop its product offering and support international expansion.

The Series C round was led by Valor Equity Partners and included Felicis Ventures, Greyhound Capital, Vy Capital, Ribbit Capital, Hillhouse Capital and Greenoaks Capital. The round was raised on a valuation of $890 million, according to Crunchbase News.

Founded in 2017, Coalition is a unique company in a sea of nearly countless cyber startups in that it offers both cybersecurity products and cyberinsurance at the same time.

On the cybersecurity side, Coalition offers a proactive cybersecurity platform that it claims saves businesses time, money and headaches. Services include a credential monitoring service, ransomware protection, security awareness training, threat monitor, distributed denial of service mitigation, patch manager and cybersecurity risk assessment.

The core of the startup comes back to its cybersecurity insurance, with those services provided for free to Coalition’s insurance customers.

Coalition’s insurance is said to cover “nearly anything and everything” that relates to cyberincidents and technology failures. The insurance policies cover up to $15 million in financial, tangible and intangible damage to a client’s business. Coverage includes stolen funds, lost business income, breach response costs, cyberextortion and computer replacement. The insurance also covers less traditional areas when it comes to cyberattacks, including bodily injury where an “internet of things” device or industrial control system is breached and results in physical damage as well as coverage for pollution damage.

In addition, Coalition’s insurance policies provide relief for reputational harm loss and reputation repair, when a company is hacked and it loses money because of negative publicity.

“Cybersecurity isn’t a technology problem, it’s a risk management problem,” Joshua Motta, founder and chief executive officer of Coalition, said in a statement. “Traditional cybersecurity technology such as firewalls and antivirus were designed to protect networks, not businesses. Coalition protects an entire business by offering cybersecurity as a service without any additional hardware or software, security and incident response services and comprehensive insurance cover of up to $15 million.”

Including the new funding, Coalition has raised $125 million to date.

Image: Coalition

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