Cyber insurance provider Cowbell Cyber has raised US$100 million in Series B funding to facilitate further investment in cyber risk underwriting for small and medium-sized enterprises (SMEs).
The funding round was led by Anthemis Group, with participation from Permira Funds, PruVen Capital, NYCA Partners and Viola Fintech, as well as all existing investors.
As part of the funding, Matthew Jones, managing director at Anthemis Group, will join Cowbell’s board of directors, while Victoria Cheng, partner at PruVen Capital, will join as board observer.
The capital will be used to fuel investment in go-to-market expansion, closed-loop risk management and risk-bearing capabilities as part of Cowbell’s efforts to further revoluntise cyber risk underwriting, data science, risk engineering and claims management.
This investment is particularly important following Cowbell’s estimations that cyber insurance premiums in the US will total US$100 billion by 2030.
In addition, one in five US SMEs remain underinsured, or uninsured completely, for cyber risk — providing an opportunity for Cowbell to lead this market segment.
Cowbell will also employ the funding to support Cowbell Re, its reinsurance captive launched in January of this year to provide additional capacity in response to the growing demand for cyber insurance.
Jack Kudale, founder and CEO of Cowbell Cyber, comments: “Since its 2019 inception, Cowbell has delivered on its promise to meet the needs of our policyholders by aligning cyber coverage to their specific exposures, continuously monitoring their rapidly changing threat landscape, and offering access to unique risk mitigation resources.
“As we position ourselves to lead the ‘second wave’ of cyber insurance growth, this funding will accelerate our pioneering approach to cyber risk underwriting and drive growth and profitability while closing insurability gaps.”
Jones adds: “With its unique approach to cyber risk underwriting and continued collaboration with cybersecurity suppliers, Cowbell Cyber has positioned itself as the leader in the cyber insurance space for SMEs. We look forward to the innovation they’ll continue to bring to the cyber insurance market.”
