Coalition raises $40 million in latest funding round

Coalition raises $40 million in latest funding round | Insurance Business

Coalition raises $40 million in latest funding round

Cybersecurity insurance provider Coalition has secured $40 million in a recent Series B funding round.

The funding round was led by Ribbit Capital, a fintech investment firm. Other participants in the round included Greenoaks Capital and Hillhouse Capital.

Coalition explained in a release that it would use the investment to expand its data analytics platform, as well as its engineering and incident response team.

TechCrunch reported that Coalition previously raised $10 million in February 2018.

Read more: Coalition Insurance to offer cyber policies to healthcare companies

Last month, Coalition announced that it would offer cyber insurance policies to healthcare companies. The polices offer coverage for costs related to cyber claims, such as restoration of digital assets, business interruption, extortion incident response, and computer system replacement.