US-based commercial insurance provider Corvus Insurance collected $100m of series C financing on Wednesday from investors including Telstra Ventures, a corporate venture capital subsidiary of telecommunications firm Telstra.
Venture capital and private equity firm Insight Partners led the round, participating together with all of the company’s existing institutional investors. The series C round enabled it to achieve a $750m valuation and increased its total funding to $147m.
Corvus markets commercial insurance products and software tools that enable brokers to assess the cybersecurity risks of businesses seeking coverage. It also supplies loss prevention reports to policyholders that provide insights and recommendations on critical cyber risks.
The company will use the funds to build up its technology platform and support its underwriting, product development and go-to-market activities.
Telstra Ventures led a $32m series B round for Corvus in January 2020 that included private equity firm Bain Capital’s VC arm, Bain Capital Ventures, as well as Obvious Ventures, .406 Ventures and Hudson Structured Capital Management.
Corvus had raised $10m of series A funding from Hudson Structured Capital Management and .406 Ventures in November 2018, following $4m of seed funding provided by Bain Capital Ventures in March of that year. It also lists MTech Capital as an investor.