Reinsurance firm Munich Re co-led a $34m series B round for US-based cyber insurance provider At-Bay through corporate venturing subsidiary Munich Re Ventures’ HSB fund.
Acrew Capital led the round, which included fellow venture capital firms Khosla Ventures and Lightspeed Venture Partners in addition to private investor Shlomo Kramer.
At-Bay’s insurance products help businesses manage risk associated with cyberattacks such as hacking or malware, in addition to cyber extortion, interruptions in operations or liability related to private information being leaked or lost.
Munich Re’s Hartford Steam Boiler (HSB) Inspection and Insurance subsidiary has partnered the company since it launched in 2017, offering products for which At-Bay is the managing general underwriter.
Rotem Iram, At-Bay’s co-founder and chief executive, said: “The deck is stacked against small business owners, who are on their own to defend their organisations 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.”
The company said it has now raised $51m altogether, despite having previously announced $19m in funding. It launched with $6m in seed capital from LightSpeed Venture Partners, Shlomo Kramer and LocalGlobe.
LightSpeed Venture Partners, Shlomo Kramer and Khosla Ventures subsequently co-led a $13m series A round for At-Bay in May 2018.
