Cowbell, a prominent provider of cyber insurance tailored for small and medium-sized enterprises (SMEs), has successfully closed a $60 million Series C funding round.
The new capital injection will enable Cowbell to scale its operations to meet the surging demand for cyber insurance. The company plans to bolster its international presence, enhance its cyber resilience services, introduce innovative products, and fortify strategic partnerships.
A key aspect of Cowbell’s strategy involves leveraging advancements in artificial intelligence (AI) and GenerativeAI to enhance its technological infrastructure. This will drive greater efficiency and facilitate faster decision-making for policyholders and brokers across traditional, digital, and API-driven platforms.
Zurich Insurance Group, a leading global multi-line insurer, spearheaded the funding round. Zurich’s investment underscores its commitment to delivering superior cyber protection and resilience solutions, particularly for SMEs and mid-market businesses.
This collaboration aligns with Zurich’s mission to utilize cutting-edge technology to navigate the evolving landscape of cyber risk management. With cybercrime costs projected to reach $24 trillion globally by 2027, and ransomware attacks alone costing small businesses an average of $1.7 million per incident, the partnership is timely.
Sierra Signorelli, CEO of Commercial Insurance at Zurich, emphasized the importance of robust cyber defenses: “Cyber threats continue to evolve, posing significant concerns for business leaders. Our investment in Cowbell reflects our dedication to enhancing cyber capabilities and providing comprehensive support. Cowbell’s data-centric risk management approach, continuous risk assessments, active threat monitoring, and advanced digital platform are pivotal in boosting cyber resilience for our customers.”
Jack Kudale, founder and CEO of Cowbell, welcomed the investment as a testament to the company’s vision and capabilities: “Zurich’s endorsement deepens our global footprint and accelerates our mission to offer advanced cyber insurance solutions to SMEs and mid-market businesses. Our focus on product expansion will ensure that businesses have the protection and tools they need to tackle the growing cyber threats.”
Cowbell’s broker-first strategy and user-friendly platform have garnered widespread trust, with licensed producer numbers nearly tripling in the past two years. The company plans to reinvest in AI and GenerativeAI technologies to enhance transparency in cyber risk management and elevate standards for brokers and businesses worldwide.
This Series C funding marks a significant milestone in Cowbell’s growth trajectory, following a year of notable geographic and product expansion, technological advancements, and the addition of industry experts. To date, Cowbell has raised a total of $202 million, maintaining a focus on capital efficiency. The company remains dedicated to safeguarding, educating, and empowering SMEs, mid-market businesses, and the broker community against evolving cyber threats.
J.P. Morgan Securities LLC served as financial advisor, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP provided legal counsel to Cowbell for this transaction.
