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BOXX Insurance, the Toronto-headquartered InsurTech that combines cyber insurance and security, announced a $14.4 million Series B funding round, led by Zurich Insurance Co. Ltd.

This latest funding round brings the total amount raised from investors in the past 16 months to $24.5 million, said BOXX in a statement.

BOXX said its business has met its combined goal to grow by 10 times over the past two years while continuing to outperform its underwriting targets. More than 250,000 individuals and 10,000 businesses are now protected by BOXX.

Zurich previously collaborated with BOXX Insurance in September 2021 when it participated in a Series A funding round. Zurich said these investments are in line with its strategy to build a presence in the SME and retail cyber markets.

“We’ve seen how difficult it is to build cyber insurance solutions for the small business and consumer segments. It is costly and requires deep technical expertise to stay ahead. BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisers need,” said Jack Howell, CEO of Zurich Global Ventures, in a statement.

“Helping customers with innovative digital solutions and embedding them into the customer journey is critical. It’s impressive to see the simplicity in how BOXX is tackling such a complex global challenge,” Howell added.

“In a time when we are digitally more connected than ever, it means we are creating a constant flow of data and, as a result, cyber protection and services are more relevant than ever for small businesses and individuals,” said André João Neiva, head of Cyber at Zurich Global Ventures. “Since we began our collaboration with BOXX Insurance in 2021, we have gained a deeper understanding of our customers’ needs and developed better capabilities and technical expertise.”

First announced in mid-2021 and rolled out in 2022, Zurich Global Ventures is a collection of independent businesses driving innovation to provide global services and products that go beyond traditional insurance, Zurich explained. Its aim is to enable Zurich to get closer to customers “by offering individuals and businesses customized, engaging and digital experiences that empower them to be better prepared for the future.”

Beyond cyber, Zurich Global Ventures focuses on customers’ needs in digital health, employee benefits, travel (through Cover-More) and consumer electronics protection.

“Our goal was always to help our customers stay ahead of cyber threats in addition to being there to help them respond and recover from an incident,” said BOXX co-founder and CEO Vishal Kundi. “We’ve been making a lot of headway with this and additional category expansion.”

In October, BOXX acquired cybersecurity platform Templarbit and has begun the integration of its threat intelligence software into its product suite and underwriting framework. In addition, the company last year launched its Hackbusters Incident Response, virtual CISO service for businesses, a new mobile app solution for consumers, in addition to testing a number of new security-based initiatives.

“We’re not only seeing more of our existing cyber insurance customers adding our security products but also seeing new customers coming in attracted by our latest security products and services,” Kundi said.

In addition to expanding its go-to-market team and adding new products, BOXX has also implemented upgrades to its underwriting platform and tools including third-party integrations.

Source: BOXX and Zurich Insurance