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
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