Cowbell Cyber– an American based full-stack insurance company that offers cyber protection to SMEs has just raised a $100 million capital in its Series B funding led by Anthemis Group with participation from Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and all existing investors. This is coming on the heels of the rise in cyber crime and its closing Series A not long ago.
Cowbell Cyber specializes in cyber security policies for small and medium-sized enterprises (SME) and is active so far in the U.S. market says it will be relentlessly committed to putting resources into its information science and “risk engineering”, as well as endorsing tech as it claims the board, its reinsurance business Cowbell Re and also grow its go-to-market channels.
Its founder and CEO, Jack Kudale has refused to disclose the company’s current market valuation, how many customers it has today, what its revenues look like at the moment hints that it’s projecting its policyholder base to grow three-fold in the next 12 months, to 35,000-40,000 customers (which would imply something around 17,000-20,000 businesses currently), and estimates the insurance industry’s revenue run rate to have grown 40x this year, to $200 million, with only under 10% of private companies in the nation presently taking out cyber insurance policies. He further stressed that underwriting cyber insurance for SMEs is a more critical possibility than for large enterprises.
“One thing that we will keep on doing isn’t move into offering types of assistance to buyers or bigger organizations close by its SMB center. The market is so enormous, and we would rather not de-center ourselves,” Jack Kudale said.
Cowbell figures that digital insurance “in-force installments” in the U.S. will add up to $100 billion by 2030 – a figure that will cover both large enterprises and SMEs, which is one reason investors are interested.