Security News > 2020 > May > Cyber Insurance Provider Coalition Raises $90 Million
Cyber insurance and security provider Coalition this week announced that it has raised $90 million in equity capital.
Founded in 2017, the San Francisco-based startup provides up to $15 million of cyber and technology insurance coverage to companies in all 50 U.S. states and the District of Columbia, and CAD $20M of coverage across all 10 provinces in Canada.
With the new funding, Coalition aims to provide small and mid-sized businesses with enhanced cybersecurity capabilities; to expand worldwide, starting with Canada; and deliver new insurance products to address a wider range of threats.
"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," Joshua Motta, founder and CEO of Coalition, commented.
Earlier this year, Coalition announced the acquisition of internet scanning and threat intelligence services provider BinaryEdge for an undisclosed amount.