Israeli cyber insurance company At-Bay has announced a $34 million Series B financing round led by Acrew Capital and Munich Re Ventures, through its HSB fund. Existing investors Khosla Ventures, Lightspeed Venture Partners, and entrepreneur Shlomo Kramer also participated in the round.
Founded in 2016 by CEO Rotem Iram, the company has its headquarters in Mountain View, California and development office in Tel Aviv, and with the new investment has raised $51 million.
Iram said, "The deck is stacked against small business owners, who are on their own to defend their organizations from international crime syndicates and state actors. Here at At-Bay, we are building a new kind of insurance company, designed from the ground up to manage the unique risks associated with doing business in the digital age. We are the partner our clients can rely on to navigate cyber risk, completely financially aligned with their business to help them stay secure."
At-Bay helps businesses navigate risk with continuous vulnerability monitoring. As part of the insurance policy, the At-Bay security team monitors the perimeter of each portfolio company, actively alerting them of new vulnerabilities. In 2019, At-Bay helped over 9,000 companies secure their systems against impending new attacks, saving both client and insurer avoidable losses.
Acrew Capital founding partner Mark Kraynak said, "Every company will need cyber insurance to help manage the risks of doing business in the digital age. At-Bay has built the leading platform in the space, delivering two new products and rapidly accelerating growth in 2019."
The new investment follows a year in which At-Bay doubled its team, opened offices in New York and Atlanta, and launched two new products that unlocked tremendous growth. At-Bay’s broker network grew 400% in 2019, while revenue grew tenfold year-over-year. At-Bay has a client retention rate of 100% year-over-year, with every existing client renewing their policy.
The new investment will enable At-Bay to accelerate product offerings and deepen the foundations of its insurance offering, through expert underwriting and claim management.
Published by Globes, Israel business news - en.globes.co.il - on February 23, 2020
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