Dear extended Coalition team,
We’re excited to announce today that we’ve received a $40M investment from leading global investment firms Ribbit Capital, Greenoaks Capital, and Hillhouse Capital, with participation from all of our existing investors.
Why? Put simply: 2019 is shaping up to be a massive year for Coalition, and we want to quadruple down (literally) on our mission to solve cyber risk. Practically speaking, this means hiring a lot more talented engineers, researchers, and designers. We spend, proportionally, far more on research and development than any other insurance or insurtech company that we track, and that won’t stop anytime soon. This funding will go straight into building more and more great software, as well as new insurance products to help our broker partners and policyholders, at a pace you’ve yet to see from us. At a high level, here’s what we plan to work on next:
As often happens in hyper growth start-ups, some of the resources that would otherwise be dedicated to building amazing new customer-facing features have to be diverted out of necessity to help the company scale. This isn’t such a terrible problem to have! Since our launch on January 1st, 2018, we’ve experienced compounded monthly growth of nearly 100% for the entirety of the year. And if that weren’t enough of a scaling challenge, we’ve already added more policyholders in the first four months of 2019 than in the entirety of 2018 (!). To accomplish this all the while delighting our customers is a testament to the 38 insanely-talented-amazing people that make up Coalition.
The most important thing we’re going to do is improve our existing products
We are proud to not only have built one of the fastest growing providers of insurance ever, but also one of the most efficient. More importantly, though, we are proud and humbled to be trusted by thousands, and soon to be tens of thousands, of organizations across the country with the management and insurance of their cyber risk. However, now that we’re built for scale, we’re going to spend a lot more time building amazing new features to help our customers boost their security, patch their systems, and protect their employees and business from the increasingly pervasive risks of cybercrime and technology failures. We’re also going to continue to dream up new insurance coverages to help our customers do what they do best: run their businesses with total peace of mind. And now we have many more resources to do it.
Back in 2017, shortly after launching the company, we disclosed our (not so) secret master plan. To some, this plan was dumb, or crazy, or dumb and crazy. After all, insurance is meant to be provided by insurance companies, and cybersecurity by cybersecurity companies. But while those people spent the past year spell-checking their insurance policies, or building a better mouse trap, the dumb, or crazy, or dumb and crazy team at Coalition got to work on something fundamentally different. And fundamentally perplexing to most.
Our mission from the start has been to solve cyber risk
This is because we believe cybersecurity itself is far too perplexing, too expensive, and too inaccessible to anyone but the largest of corporations. Surely we could build a cybersecurity platform thingamajigger that was free, easy to use, and backed by millions of dollars of insurance even if things did go wrong. And so the team at Coalition persisted as some dumb, or crazy, or dumb and crazy teams do. And in the ensuing period we’ve detected and helped patch thousands of vulnerabilities, disabled hundreds of unprotected remote access points, and mitigated dozens of breaches on behalf of our customers — thousands of them. And now it’s time to do the same for everyone.
In the next few months we’ll be releasing the tools we’ve offered to our policyholders (at no cost) to everyone (at no cost). Initially this will start with our cyber risk assessment, which offers a point in time look at the cyber risk of any organization leveraging our proprietary signals intelligence system and loss and claims data, but eventually it will graduate to global availability of our entire platform.
We’ll share a lot more soon, but we think you’ll love what we have coming, and we look forward to all of your feedback!
None of what we have (or will) accomplish would have been (or will be) possible without the fearless yet humble team that make up Coalition. It’s why we show up every morning in our various offices across the country. We love what we do, we love helping our partners and policyholders, and we love every opportunity we get to help make the internet a better and safer place. It may not be everyone’s dream job, but it’s what we want to do over and over, for years to come.
If you’re interested in building the cybersecurity and insurance company of the future, if you enjoy working at an organization whose financial success is tied to the success of its customers, and you are passionate about writing amazing software that will hopefully be used by millions of companies globally, we hope you will consider joining us. Great people attract great people and companies who adopt a culture of always stretching to get the very best have been shown time and time again to be the most successful.
We started 2018 with 12 people and today total nearly 40—all uniquely amazing in ways I’m surprised by daily. In February we hired the former Head of Engineering of leading cybersecurity firm Qadium/Expanse, Leon Rishniw, now our Head of Engineering, who joins our head of product, John Roberts, formerly VP of Product at Cloudflare and OpenDNS, as well as the dozens of ultra talented mathematicians and engineers on our team. And we’re looking for a whole lot more! Please consider applying even if you don’t see a perfect role.
Thank you for your support, your faith in us as we strive for continuous improvement, and most importantly, for choosing to insure with us. We now have more drive, energy, and resources than we’ve ever had before, and can’t wait to keep helping you solve cyber risk. After all, it takes a coalition to build Coalition.