Cowbell Cyber, based in Pleasanton, California, closed a $100 million Series B round just over a year after raising its Series A, as cyberattacks continue to dominate news headlines.
Anthemis Group led the new round, which included Permira, PruVen Capital, Nyca Partners, Viola FinTech, and all existing investors. Since its inception in 2019, the company has raised a total of $123.5 million.
Cowbell was one of several cyber insurance firms to raise funds last year, and with hacks and ransomware attacks seemingly becoming a daily occurrence, it appears likely that the sector will see the same interest this year.
2021’s banner year for cyber insurance fundraising:
- At-Bay, based in San Francisco, closed a $20 million extension to its Series D financing in October, bringing the total round to $205 million and valuing the company at $1.35 billion.
- Coalition, based in San Francisco, closed a $205 million Series E in September at a valuation of $3.5 billion or higher, more than doubling the amount raised in its $175 million Series D just six months earlier. Since its inception in 2017, the Coalition has raised more than $505 million in total funding.
- Corvus Insurance, based in Boston, announced a $100 million Series C round in March, valued at $750 million.
- Cowbell Cyber raised its $20 million Series A round the same month.
Cowbell is an expert in policies for small and medium-sized businesses (SME). According to the company’s release, cyber insurance in-force premiums in the United States will total $100 billion by 2030—and one in every five SMEs in the United States is uninsured or underinsured for cyber risk.