San Francisco-based insurance startup Coalition has raised $10 million in new financing.
The company, which launched in late 2017, sells cyber insurance and offers cybersecurity tools to small and midsize businesses, and is licensed to sell insurance nationally. Business customers can acquire up to $10 million of coverage, and cybersecurity tools are free.
Coalition’s insurance products are backed by Swiss Re Corporate Solutions and Argo Group.
The company’s Series A financing drew a number of technology investors including Vy Capital, Ribbit Capital, Valor Equity Partners and Deep Nishar, managing director of the Softbank Vision Fund. Sam Altman, the president of Y Combinator, which provides seed funding for startups, also participated.
Plans call for using the money to grow Coalition’s engineering team and expand its cyber risk management platform. The company’s staff includes technology entrepreneurs and executives, former members of the U.S. Intelligence Community, and cyber insurance innovators.
Technology entrepreneurs John Hering and Joshua Motta co-founded Coalition, and Motta is also CEO.