Cowbell Cyber Raises $100M As Cyberattacks Rise

Just about a year after raising its Series A, Pleasanton, California-based Cowbell Cyber closed a $100 million Series B as cyberattacks continue to dominate news headlines.

The new round was led by Anthemis Group with participation from Permira, PruVen Capital, Nyca Partners, Viola FinTech and all existing investors. Founded in 2019, the company has raised $123.5 million to date.

Cowbell was just one of several cyber insurance firms to raise money last year—and with hacks and ransomware attacks seemingly a daily occurrence now, it seems likely the sector will see the same interest this year.

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2021’s banner year for cyber insurance fundraising included:

In October, San Francisco-based At-Bay closed a $20 million extension to its Series D financing—bringing the total round to $205 million and valuing the company at $1.35 billion.
In September, San Francisco-based Coalition closed a $205 million Series E at a $3.5 billion-plus valuation—doubling what it was when it raised its $175 million Series D just six months earlier. Coalition has raised more than $505 million in total funding since being founded in 2017.
In March, Boston-based Corvus Insurance announced a $100 million Series C at a $750 million valuation.
That same month Cowbell Cyber raised its $20 million Series A.

Cowbell specializes in policies for small and medium-sized enterprises (SME). In its release, the company said it estimates that cyber insurance in-force premiums in the U.S. will total $100 billion by 2030—and one in five SMEs in the U.S. remains uninsured or underinsured for cyber risk.

Illustration: Dom Guzman