Munich Re-backed cyber start-up At-Bay raises $34m Series B funding

Cyber insurance start-up At-Bay has secured $34 million in its 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 company said that it will use the new funds to accelerate product offerings and deepen the foundations of its insurance offering through expert underwriting and claim management.

As a managing general underwriter (MGU), At-Bay underwrites insurance policies through HSB Specialty Insurance Company, a part of Munich Re.

Rotem Iram, co-founder & CEO of At-Bay, said: “The deck is stacked against small business owners, who are on their own to defend their organizations from international crime syndicates and state actors. 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.”

Mark Kraynak, founding partner of Acrew Capital, commented: “Every company will need cyber insurance to help manage the risks of doing business in the digital age. 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.”

Stephanie Watkins, senior vice president of HSB, part of Munich Re, said: “Cyber criminals are creative and always hunting for new vulnerabilities, even the best defense may have holes. 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.”