At-Bay grew revenue 10x and broker network 400% in 2019
At-Bay, the cyber insurance company for the digital age, announced a $34 million Series B funding round, led by Acrew Capital and Munich Re Ventures, through its HSB fund. Existing investors Khosla Ventures, Lightspeed Venture Partners, and entrepreneur Shlomo Kramer also participated in the round. With the new investment, At-Bay has raised a total of $51 million to date.
“The deck is stacked against small business owners, who are on their own to defend their organizations from international crime syndicates and state actors,” said Rotem Iram, co-founder & CEO of At-Bay. “Here at At-Bay, we are building a new kind of insurance company, designed from the ground up to manage the unique risks associated with doing business in the digital age. We are the partner our clients can rely on to navigate cyber risk, completely financially aligned with their business to help them stay secure.”
At-Bay helps businesses navigate risk across their technology stack with continuous vulnerability monitoring. As part of the insurance policy, the At-Bay security team monitors the perimeter of each portfolio company, actively alerting them of new vulnerabilities. In 2019, At-Bay helped over 9,000 companies secure their systems against impending new attacks, saving both client and insurer avoidable losses.
“Every company will need cyber insurance to help manage the risks of doing business in the digital age,” said Mark Kraynak, Founding Partner of Acrew Capital. “At-Bay has built the leading platform in the space, delivering two new products and rapidly accelerating growth in 2019. We are excited to partner with them to carry that momentum forward.”
The new investment follows a year in which At-Bay doubled its team, opened offices in New York and Atlanta, and launched two new products that unlocked tremendous growth. At-Bay’s broker network grew 400% in 2019, while revenue grew 10x year-over-year. At-Bay has a client retention rate of 100% year-over-year, with every existing client renewing their policy. The new investment will enable At-Bay to accelerate product offerings and deepen the foundations of its insurance offering, through expert underwriting and claim management.
“Cyber criminals are creative and always hunting for new vulnerabilities, even the best defense may have holes,” said Stephanie Watkins, senior vice president of HSB, part of Munich Re. “At-Bay believes businesses need cyber insurance that’s as strong as their security, that’s why we’ve invested in At-Bay and will also continue to provide the underwriting capacity they need to grow.”
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