Cyberinsurance company Coalition closed a $250 million Series F funding round last month that has valued the provider at $5 billion, according to a Friday (July 8) press release.
Coalition was founded in 2017 and helps more than 160,000 organizations lessen their digital risk as its insurance product also offers cybersecurity tools. It will use the capital to accelerate growth, expand internationally and broaden its services, according to the release.
“Many organizations remain unprotected in the face of rising digital threats, and neither traditional insurance nor cybersecurity alone is well equipped to help them,” said Coalition , CEO and Co-Founder Joshua Motta in the release. “Our active approach to underwriting, monitoring, and responding to digital risk has allowed Coalition to achieve … underwriting results while … reducing claims and losses for our customers…”
Allianz X, Valor Equity Partners, Kinetic Partners and other existing investors participated in the funding round, bringing the company’s total capital raised to $755 million, the release stated.
Earlier this week, the Consumer Financial Protection Bureau (CFPB) handed down new data privacy and cybersecurity regulations to dictate how companies can use and share credit reports and background reports under the Fair Credit Reporting Act.
Read more: CFPB Bolsters Data Privacy, Cybersecurity Regulations
Credit reporting companies and users of credit reports “have specific obligations to protect the public’s data privacy,” the CFPB said, adding there is “potential criminal liability for certain misconduct.”
Last month, a U.S. House of Representatives panel looking to limit the collection of personal data passed a new bipartisan privacy bill, although it may not become a law.
See more: Cybersecurity Firms Challenge ‘Professional Fraudsters’ With Customer-Friendly Protections
The bill would make it so Big Tech companies would only be able to collect personal data necessary to provide services. Other information would be more protected, with extra security for sensitive data like social security numbers.
