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Coalition raised $205M in a Series E funding round, soon after witnessing a massive growth in 2021. It plans to expand into new insurance lines
Coalition, a cyber insurance and security provider, raised $205 million in a Series E funding round co-led by Durable Capital, T.Rowe Price and Whale Rock Capital at a valuation of over $3.5 billion to accelerate its scale and expand into new insurance lines, a press release from the company said.
The Series D funding for Coalition came in March this year, where it netted $175 million. With the close of this round, the company has raised over $500 million in total. Coalition’s existing investors participated in this funding round.
Joshua Motta, CEO and co-founder of Coalition, stated that Coalition is building a new kind of insurance with technology at its core, dramatically different and efficient and added,
Insurers need to do more than analyze cyber risk once a year. We scan our policyholders 65,000 times a week. Our platform aggregates and analyzes data from every internet-addressable device inside a company, scanning a policyholder’s assets to identify potential vulnerabilities so we can help minimize risks. We are setting a new standard for an industry that has been slow to unleash the full power of data, and this has positioned our company for tremendous growth in the digital economy.Joshua Motta, CEO and co-founder of Coalition
Coalition said that the new funding comes on the heels of its massive growth, with an 800 percent increase over the prior year. Henry Ellenbogen, CIO of Durable Capital Partners LP, said,
The team at Coalition has vastly outpaced the industry in its ability to leverage data and capture the lion’s share of tech and the technology-powered insurance market. We believe digital assets will soon be more valuable than physical assets placing Coalition firmly on the path toward long-term sustainable growth and value creation.Henry Ellenbogen, CIO of Durable Capital Partners LP