Munich Re-backed cyber insurtech attracts investors at $1bn+ valuation

Munich Re Ventures' HSB fund has  reinvested in cyber insurance start-up  At-Bay at a valuation of $1.35 billion to support the expansion of the insurtech into new markets.

At-Bay has secured a $185 million Series D financing, its third round in the past 18 months that brings its overall funding to $272 million.

The new funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with participation from existing investors including Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.

The company plans to use the funds to continue investing in innovation, while launching new products and expanding into new markets. It also seeks to grow its team and capabilities to improve the security of its insured businesses.

At-Bay believes that as the cyber insurance industry adapts to ransomware losses, its cyber security expertise has "unlocked unprecedented growth, while minimising losses to less than half of the industry average".

“We are seeing a shift in commercial insurance with regard to cyber risk, and At-Bay is leading the way,” said Rotem Iram, co-founder and CEO of At-Bay. “While legacy insurers are pulling back on coverage and raising rates in the face of challenges like ransomware, At-Bay is doubling down with a modern approach to risk management that helps businesses improve their security and avoid loss before it happens.”

Preeti Rathi, general partner at Icon Ventures, has joined At-Bay’s board of directors in conjunction with the financing.

Rathi said: “What this team has been able to achieve in less than 5 years is truly astonishing. Not only has At-Bay quickly emerged as a leader in the industry, but they’ve also redefined the role of security within the cyber insurance space. We look forward to being part of At-Bay’s journey.”

Yoni Cheifetz, partner at Lightspeed Venture Partners and At-Bay Board Member, added: " At-Bay continues to prove itself as an innovator in cyber insurance. We believe in At-Bay’s vision of challenging industry conventions and reimagining ways to assess cyber risk, which is why we have supported the company every step of the way."

Roman Itksovich, co-founder and chief risk officer of At-Bay, said: “The cyber insurance industry is currently facing an unprecedented ransomware crisis. At-Bay has been actively working since inception to be able adapt and manage these types of risks. Our combination of technical underwriting and active risk monitoring is what keeps us ahead of the curve.”

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