Cowbell Cyber, a cyber insurance provider for small to medium enterprises, has announced that it has closed $20 million in Series A funding to scale its offering for continuous underwriting and closed-loop risk management.
Brewer Lane ventures led the investment. Also participating were Pivot Investment Partners, Avanta Ventures, Markel Corporation, and existing investors ManchesterStory, Tri-Valley Ventures and Holmes Murphy. The new capital will be used to fund product development, expand risk engineering, sales, marketing, and increase Cowbell’s national footprint.
The company also announced that Martha Notaras, managing partner at Brewer Lane Ventures, will join the board of directors. Akbar Poonawala, co-founder of Pivot Investment Partners, will join as a board observer.
The investment follows Cowbell Cyber’s September launch of its Prime 250 program, which enables insurance agents to issue personalized cyber policies. The program has since expanded to 38 states. The company said it will continue to aggressively grow its risk pool of 10 million organizations and its network of more than 4,500 agents and brokers. The company is currently the fastest-growing cyber insurance provider in the industry, and is expected to grow fourfold from 2018 to reach a value of more than $20 billion by 2025.
“Cybersecurity is now a risk management issue that is critical to the future of the insurance industry and is evolving at a pace that insurers have rarely seen,” said Jack Kudale, founder and CEO of Cowbell Cyber. “Cowbell Cyber has capitalized on businesses’ accelerated digitization and an ever-changing threat landscape. Cowbell embraces AI and machine learning to gain efficiency and accuracy when assessing underwriting cyber risk while focusing on the fundamental needs of our policyholders: keeping their businesses protected from evolving cyber threats.”
“Through its cutting-edge, AI-powered platform, Cowbell Cyber is well-positioned to disrupt today’s explosive cyber insurance market and redefine the industry,” Notaras said. “As the marketplace continues to see significant growth, we are thrilled to be joining the organization at a time in their journey where they are seeing unrivaled traction, and have put together a world-class team, staking a claim as a dominant force in the industry.”