US-based digital insurance portal At-Bay closed a $34m series C round yesterday featuring Munich Re Ventures and M12, subsidiaries of reinsurance firm Munich Re and software producer Microsoft respectively.
The round was led by growth equity fund Qumra Capital and included Khosla Ventures, Lightspeed Venture Partners, Acrew Capital and private investor Shlomo Kramer.
At-Bay is an insurance underwriter focused on enterprise cover for cyber-related risks including IT network breaches and failures.
The company’s policies are sourced from Munich Re’s specialty insurance arm, HSB Specialty Insurance, and underwritten on behalf of insurance brokers using automation technology.
The funding will go to developing At-Bay’s product, technology and partnership network, as well as hiring more personnel for its team. It said it has now raised $91m in funding since it was founded in 2016.
The company completed a $34m series B round in February 2020 co-led by Munich Re Ventures’ HSB Fund and Acrew Capital that it said this week also featured M12.
Khosla Ventures, Lightspeed Venture Partners and Shlomo Kramer also took part in the series B round having already co-led At-Bay’s $13m series A round in mid-2018. It came after a $6m in seed round the previous year backed by Lightspeed, Kramer and LocalGlobe.