US-based cybersecurity insurance provider At-Bay completed a $185m series D round on Tuesday featuring software producer Microsoft and reinsurance firm Munich Re at a post-money valuation of $1.35bn.
The round was co-led by venture capital firms Icon Ventures and Lightspeed Venture Partners and backed by Khosla Ventures, Glilot Capital, Acrew Capital, Qumra Capital and private investor Shlomo Kramer. Microsoft and Munich Re invested through M12 and subsidiary Munich Re Ventures’ HSB Fund respectively.
At-Bay provides insurance that helps businesses manage security risk associated with cyberattacks, network intrusions, interruptions in operations, data breaches and cyber extortion. Its policies are underwritten through HSB Specialty Insurance Company, which is part of Munich Re.
The funding will be used by the company to further invest in innovation, expand into additional markets, launch new products and scale its team. In conjunction with the round, Icon Ventures general partner Preeti Rathi will join its board of directors.
The round brought At-Bay’s overall funding to $272m. It raised $34m in a February 2020 series B round co-led by Munich Re Ventures’ HSB fund and Acrew Capital that included Khosla Ventures, Lightspeed Venture Partners and Shlomo Kramer.
The company subsequently secured $34m in a December series C round led by Qumra Capital and backed by Munich Re Ventures and M12 alongside Khosla Ventures, Lightspeed Venture Partners, Acrew Capital and Shlomo Kramer.
LightSpeed Venture Partners, Shlomo Kramer and LocalGlobe had provided the company with $6m in seed capital in 2017 before LightSpeed and Kramer returned a year later for a $13m series A round that also featured Khosla Ventures.