Cowbell brings in $100m funding

California insurtech startup Cowbell Cyber has completed a $100 million Series B funding round, led by London head-quartered fintech investors Anthemis Group. The funding round also saw participation from Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and all existing investors.

Cowbell will use the financing to increase investment in data science, underwriting, risk engineering and claims management; expand go-to-market channels including digital distribution; and support Cowbell Re, the company’s reinsurance captive, launched earlier this year.

Cowbell provides cyber insurance to small and medium-sized enterprises, driven by AI-assisted underwriting and including both pre and post-breach services. In 2021, the firm reached over $200 million in premium run-rate, and it expects to triple its policyholder base in 2022.

“Since its 2019 inception, Cowbell has delivered on its promise to meet the needs of our policyholders by aligning cyber coverage to their specific exposures, continuously monitoring their rapidly changing threat landscape, and offering access to unique risk mitigation resources,” said Jack Kudale, founder and CEO at Cowbell Cyber.

“As we position ourselves to lead the second wave of cyber insurance growth, this funding will accelerate our pioneering approach to cyber risk underwriting and drive growth and profitability while closing insurability gaps.”