Anthemis Group led the new round, which included Permira, PruVen Capital, Nyca Partners, Viola FinTech, and all existing investors. Since its inception in 2019, the company has raised a total of $123.5 million.
Cowbell was one of several cyber insurance firms to raise funds last year, and with hacks and ransomware attacks seemingly becoming a daily occurrence, it appears likely that the sector will see the same interest this year.
2021's banner year for cyber insurance fundraising:
- At-Bay, based in San Francisco, closed a $20 million extension to its Series D financing in October, bringing the total round to $205 million and valuing the company at $1.35 billion.
- Coalition, based in San Francisco, closed a $205 million Series E in September at a valuation of $3.5 billion or higher, more than doubling the amount raised in its $175 million Series D just six months earlier. Since its inception in 2017, the Coalition has raised more than $505 million in total funding.
- Corvus Insurance, based in Boston, announced a $100 million Series C round in March, valued at $750 million.
- Cowbell Cyber raised its $20 million Series A round the same month.
Cowbell is an expert in policies for small and medium-sized businesses (SME). According to the company's release, cyber insurance in-force premiums in the United States will total $100 billion by 2030—and one in every five SMEs in the United States is uninsured or underinsured for cyber risk.