At-Bay, the insurance company for the digital age, today announced the closing of a $20 million extension to the company's Series D financing, adding new investor ION Crossover Partners. The extension brings the Series D round to $205 million, valuing the company at $1.35 billion.
Follow Israel Hayom on Facebook and Twitter
In the face of a ransomware surge across the industry, At-Bay's ransomware claims frequency remains seven times lower than the industry average. At-Bay details how its modern approach to risk management, with a combination of technical underwriting and active risk monitoring, helps the companies it insures experience fewer ransomware incidents in its report: Overcoming Ransomware: A Blueprint for Thriving in a Digital World.
In July 2021, At-Bay closed a $185 million Series D round, 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.
"At-Bay's success helping SMBs experience fewer ransomware incidents is resonating with customers and investors alike," said Rotem Iram, Co-Founder and CEO of At-Bay. "ION has an impressive track record of shepherding startups to successful outcomes, and we are proud to have them as an investor."
At-Bay recently announced a collaboration with Microsoft to help SMBs proactively manage cyber risk. In Q2 of 2021, the company surpassed $160 million in annual recurring revenue on 800% year-over-year premium growth. At-Bay has raised $292 million to date.
