Cowbell Cyber, an AI-powered cybersecurity insurance provider for small and medium-sized enterprises (SMEs), has raised $100 million in capital led by Anthemis Group with participation from Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and all existing investors. This latest financing will 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.
As part of the funding, Matthew Jones, Managing Director at Anthemis Group will join the Board of Directors and Victoria Cheng, Partner at PruVen Capital will join as a Board observer. The company also appointed Michael J. Christenson, Partner at CDX Advisors, as an independent board member.
Cowbell claims to have developed the largest cyber insurance distribution network in the U.S. with more than 14,000 producers and has grown its monitored risk pool to more than 23 million businesses – 70% of the SME U.S. market.
During 2021, Cowbell’s gross written premium grew 40 times while loss experience has remained among the lowest in the industry driven by continued focus on underwriting discipline. The company will triple its policyholder base in 2022, solidifying its market position as the leading provider of cyber insurance to SMEs.