Israeli cyber risk insurance company At-Bay today announced the closing of a $34 million Series C financing round led by Qumra Capital and with the participation of previous investors M12, Microsoft’s venture fund, Acrew Capital, Khosla Ventures, Lightspeed Venture Partners, Munich Re Ventures and entrepreneur Shlomo Kramer. At-Bay has raised a total of $74 million in 2020, having closed a Series B only nine months ago, and the company has raised $91 million since it was founded.
At-Bay was founded in 2016 by CEO Rotem Iram and Chief Rosk Officer Roman Itskovich.
Iram said, "Insurance is now an imperative for businesses to mitigate cyber risk, which is fast becoming the greatest threat they face. At-Bay helps businesses prevent cyber loss before it happens, with an in-house security team continuously monitoring the network of every company in our portfolio, offering actionable insights to strengthen security. This modern approach to risk management is not only driving strong demand for our insurance, but also enabling us to improve our products and minimize loss to our insureds."
Itskovich added, "The significant investment we’ve raised this year will enable us to deepen our active risk monitoring and security services, while expanding into new markets with new products aimed at helping companies manage risk in the digital age."
At-Bay will use the funds for new hires, launching new products, establishing digital collaborations, and improving the company’s automated underwriting platform, which enables brokers to get bindable quotes in seconds, along with clear and actionable security insights to help clients avoid a cyberattack before it happens.
Qumra Capital managing partner Boaz Dinte said, "The centuries old industry of insurance has proven to be ripe for disruption, with the recent string of success of startups like Lemonade, Root and Hippo. At-Bay is the next insurance startup in line to breakout as they remake specialty insurance with digital-first products and services."
2020 has been a remarkable year of growth for At-Bay, in which the company has grown premium, total number of insureds and total liabilities by 600%. At-Bay has tripled its work force, while establishing offices in New York, Atlanta, Chicago, Portland, Los Angeles and Dallas. With this financing, At-Bay’s Series C valuation has increased nearly tenfold over the course of 12 months. At-Bay has grown at this incredible pace while maintaining a frequency of claims less than half of the industry average.
Published by Globes, Israel business news - en.globes.co.il - on December 9, 2020
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