San Francisco based cyber insurance company Coalition Inc. reported having raised $175 million from its latest financing round held on March 17. This financing round leaves the company with a market valuation of $1.75 billion.
During the pandemic, demand for protection against data theft, ransom, and hacks has been on a rampant surge due to a shift to remote working and remote learning.
Currently, the company only operates in two countries the United States and Canada. The company’s founder and CEO Joshua Motta said Coalition provides insurance of up to C$20 million for companies in Canada and up to $15 million worth insurance for US companies.
Motta also added that the company uses its technology to access the cyber risk of a client before and during the life of a policy. The company also monitors for any eminent problems and notifies the client before any breach.
This latest financing round was led by San Francisco and London based venture capital firm Index Ventures.
According to the company, these new funds will be used to come up with new insurance products and expand its operations across other countries.