Today I’m excited to share another major milestone on our journey to solve cyber risk: This month we received $205 million in additional funding from Durable Capital Partners, T.Rowe Price Associates, Whale Rock Capital Management, and existing investors. This new funding is an incredible validation of our technology-first approach to cyber risk as we work to deliver security for all.
Each of our new investors searches specifically for companies that will be long-term value creators in both the private and public markets. This new investment also follows multi-year capacity agreements with Swiss Re
and Arch Insurance North America
, enabling us to build for the long-term. Our investors and partners all believe what we believe: Coalition is taking a meaningfully different approach to cyber risk and we are best positioned to help organizations of all sizes thrive in the new digital economy.
This new investment raises Coalition’s valuation to $3.5 billion. I’m amazed by how far we’ve come in four short years but I’m even more amazed by the progress we’ve made on protecting our policyholders from increasing cyber threats. Data from our most recent H1 2021 Cyber Insurance Claims Report
revealed that Coalition policyholders report 70% fewer claims compared to the industry average. Behind that number there are small businesses and non-profit organizations we are protecting while they continue to serve customers and communities.
With the partnership from brokers across the United States and Canada, we now serve over 52,000 small and midsize businesses in North America. We know that we can do even more for the businesses and organizations that make up the backbone of our economy. With this new funding we’re going to continue to invest in the Coalition Platform that powers our cyber insurance products and policyholder experience. We also plan to expand our offerings to new markets as well as new insurance lines and continue to deliver innovations like the free cyber-risk assessment Coalition Control.
Today our platform scans policyholders 65,000+ times a week, aggregates and analyzes data from every internet-addressable device inside a company, and scans our policyholders' assets to identify potential vulnerabilities so we can help minimize risks and avoid incidents before they start. Just imagine what we’ll be able to do tomorrow!
Thank you for your support and your faith in us as we’ve grown from 17 to nearly 270 employees worldwide to serve our brokers, partners and policyholders. After all, it takes a coalition to build our Coalition.