Cowbell, a cyber insurance provider for SMEs, has closed a US$60 million Series C equity investment from Zurich Insurance Group. With the new capital, Cowbell plans to scale operations to meet growing demand, extend its presence in key international markets, bolster cyber resilience services, introduce new cutting-edge products to the market, and further strengthen strategic partnerships. The company aims to expand its technological infrastructure to drive further efficiencies and support expedited policyholder and broker decision-making across traditional, digital and API-driven channels. The firm estimates that cybercrime will cost the world US$24 trillion by 2027, with ransomware attacks alone costing small businesses an average of US$1.7 million per incident. Sierra Signorelli, CEO of Commercial Insurance at Zurich, highlights: “Cyber threats remain a major concern for business leaders due to their constantly evolving nature. To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers.” Meanwhile, Jack Kudale, founder and CEO of Cowbell, says: “With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape.” In this transaction, J.P. Morgan Securities acted as a financial advisor, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian provided legal counsel to Cowbell.
