Cyber Risk management firm Zeguro closed a $5 million seed financing round, attracting insurance industry investors including Munich Re and QBE.
Both insurers made the capital contributions through their venture arms: Munich Re/HSB Ventures (Hartford Steam Boiler) and QBE Ventures. Mosaik Partners led the round, joined also by Healthy Ventures, Social Capital, Plug and Play and Sparkland Capital.
Plans call for using the money to help the San Francisco-based Zeguro launch its Cyber Safety Platform, which is designed to help companies assess and mitigate their cyber risks.
Zeguro CEO Sidd Gavirneni said in prepared remarks that the company’s platform, using SaaS technology, will help small and midsize companies assess cyber threats quickly, train employees and recover rapidly from cyber attacks.
Stephanie Watkins, a senior vice president at HSB, said in prepared remarks that Zeguro’s technology is of interest to the insurer because of its focus on loss prevention.
In May, HSB announced it was partnering with Zeguro to provide cyber insurance to small and medium businesses. On Nov. 5, the day of the Zeguro financing, QBE made a similar announcement regarding its own Zeguro partnership.
David McMillan, Group Chief Operating Officer for QBE Insurance Group, said Zeguro “will allow us to delivered a tailored insurance [product] to [small and medium-sized business] customers who are increasingly being targeted by cyber attacks.