Allianz X Invests in Cyber Risk Insurer Coalition
Posted on 07/10/2022
Coalition, Inc. is a San Francisco-based cyber risk insurer. According to its website, its insurance products may be underwritten by North American Capacity Insurance Company, Swiss Re Corporate Solutions America Insurance Corporation, or an affiliated company, which are members of Swiss Re Corporate Solutions. Founded in 2017 by Joshua Motta and John Hering, Coalition is a cyber insurance and security provider in the United States and Canada.
On July 8, 2022, Coalition raised an additional US$ 250 million to accelerate its growth. This funding round closed in June 2022 with participation from Allianz X (pat of Allianz SE), Valor Equity Partners, Kinetic Partners, and other existing investors, increasing Coalition’s valuation from US$ 3.5 billion to US$ 5 billion. Coalition has raised over US$ 755 million in equity funding to date from investors, including Durable Capital, T. Rowe Price Associates Inc, Whale Rock Capital, Index Ventures, General Atlantic, Ribbit Capital, Vy Capital, and Valor Equity Partners, among others.
On March 17, 2021, Coalition raised US$ 175 million. That round was led by Index Ventures with participation from General Atlantic and the company’s existing investors, valuing Coalition at US$ 1.75 billion.