- Insurance company At-Bay announced it has raised $34 million in Series C funding
Insurance company At-Bay announced it has raised $34 million in Series C funding led by Qumra Capital. At-Bay also announced M12 (Microsoft’s venture fund) as an investor in the company. And At-Bay raised a total of $74 million in 2020, having closed a Series B only 9 months ago in March and $91 million since founding in 2016.
M12 first invested at the end of the Series B and doubled down on their commitment to At-Bay in the Series C along with existing investors Acrew Capital, Khosla Ventures, Lightspeed Venture Partners, Munich Re Ventures, and entrepreneur Shlomo Kramer.
The Series C punctuates a year of remarkable growth for At-Bay. And over the year, the company has grown all of the following topline metrics by 600%: premium, total number of insureds and total liabilities. And At-Bay has tripled its team size while establishing a regional presence in New York, Atlanta, Chicago, Portland, Los Angeles and Dallas. With this funding, At-Bay’s Series C valuation has increased nearly 10X over the course of 12 months. Plus At-Bay has grown at this incredible pace while maintaining a frequency of claims less than half of the industry average.
With the additional funding, At-Bay will continue growing the team, launching new products, establishing digital collaborations, and improving the company’s automated underwriting platform — which enables brokers to get bindable quotes in seconds, along with clear and actionable security insights to help clients avoid a cyberattack before it happens.
KEY QUOTES:
“Insurance is now an imperative for businesses to mitigate cyber risk, which is fast becoming the greatest threat they face. At-Bay helps businesses prevent cyber loss before it happens, with an in-house security team continuously monitoring the network of every company in our portfolio, offering actionable insights to strengthen security. This modern approach to risk management is not only driving strong demand for our insurance, but also enabling us to improve our products and minimize loss to our insureds,” said
— Rotem Iram, co-founder and CEO, At-Bay
“The significant investment we’ve raised this year will enable us to deepen our active risk monitoring and security services, while expanding into new markets with new products aimed at helping companies manage risk in the digital age… The centuries old industry of insurance has proven to be ripe for disruption, with the recent string of success of startups like Lemonade, Root and Hippo. At-Bay is the next insurance startup in line to breakout as they remake specialty insurance with digital-first products and services.”
— Boaz Dinte, Managing Partner, Qumra Capital
“At-Bay has built a different kind of insurance company, designed from the ground up to address the risk of doing business in the modern technology-driven economy. Securing a modern technology stack is a complex undertaking, especially for small and medium-sized organizations without the resources or sophistication to defend themselves against the organized threats they face today. We see immense potential in the new layer of cyber risk analysis and mitigation At-Bay can bring to these businesses.”
— Lior Litwak, Partner at M12
“The significant investment we’ve raised this year will enable us to deepen our active risk monitoring and security services, while expanding into new markets with new products aimed at helping companies manage risk in the digital age,” said
— Roman Itskovich, co-founder and Chief Risk Officer at At-Bay
