US-based cyber insurance provider Cowbell Cyber completed a $20m series A round yesterday featuring insurance holding company Markel Corporation, insurance group CSAA and insurance brokerage Holmes Murphy.
The round was led by venture capital firm Brewer Lane Ventures and included Pivot Investment Partners, ManchesterStory and Tri-Valley Ventures, while CSAA took part through strategic investment arm Avanta Ventures.
Cowbell offers cybersecurity insurance for small and medium-sized enterprises, utilising artificial intelligence technology to streamline the application process. The cash will support product development, recruitment and expansion across the United States.
The company had previously raised $3.3m in a September 2019 seed round that included Holmes Murphy, ManchesterStory Group, Tri-Valley Ventures and the corporate-backed Global Insurance Accelerator.
Jack Kudale, Cowbell’s founder and chief executive, said: “Cowbell Cyber has capitalised on businesses’ accelerated digitisation and an ever-changing threat landscape.
“Cowbell embraces AI and machine learning to gain efficiency and accuracy when assessing and underwriting cyber risk while focusing on the fundamental needs of our policyholders: keeping their businesses protected from evolving cyber threats.”
