US-based cyber insurance company At-Bay has raised $34m in a Series B funding round to expand its product offerings.
The fundraising was led by Acrew Capital and Munich Re Ventures who were joined by the insurance company’s existing backers Khosla Ventures and Lightspeed Venture Partners.
Entrepreneur Shlomo Kramer also invested in the latest financing round.
The recent infusion takes the capital raised by At-Bay to date to $51m.
At-Bay co-founder and CEO Rotem Iram said: “The deck is stacked against small business owners, who are on their own to defend their organisations 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.”
At-Bay facilitates vulnerability monitoring to notify businesses on new threats.
The company is said to have secured more than 9,000 companies against new attacks in 2019, preventing losses for clients as well as insurers.
In the same year, At-Bay reported 400% growth in the broker network, 100% year-on-year policy renewal and a 10-fold increase in year-on-year revenue.
The firm doubled its staff headcount, set up offices in New York and Atlanta, and rolled out two new products in 2019.