Zurich Insurance has joined a $10 million venture investment round for BOXX, a Toronto-based cyber insurer for small businesses, individuals and families.

The startup said it has also formed a global partnership with Zurich.

Jack Howell, CEO of Zurich Global Ventures, said that the InsurTech is appealing because of its “prevention-led approach” that has the potential to shape the coverage for small to mid-sized businesses and consumers.

Co-founders of BOXX Insurance Mike Senechal (L) and Vishal Kundi (R)

“They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance,” Howell said in prepared remarks. “The combination of their knowledge and Zurich’s global reach and international expertise is a win-win situation for Zurich customers and BOXX.”

BOXX closed its oversubscribed $10 million (C$12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. Other than Zurich, the new investors are Cyber Mentor Fund (CMF) and SixThirty Ventures.

BOXX plans to use the cash infusion to boost hiring to support growing demand from brokers, partners and clients and also to prepare for international expansion, according to Vishal Kundi, CEO of BOXX, which he co-founded with Mike Senechal.

BOXX Insurance Inc. debuted in 2018 and now has a strong trading presence in Canada and in selected markets in Europe and Latin America.

“Our model has been proven to help clients identify and stop attacks and should an incident occur, minimize the trauma and damage that typically ensues,” Kundi said in prepared remarks. “We want to continue to make it easier for customers to be smarter and more resilient to cyber threats.”

Source: BOXX Insurance

*A version of this story ran previously in our sister publication Insurance Journal.