Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), announced on July 26 that it has closed a $60 million Series C equity investment from Zurich Insurance Group, a global multiline insurer.

“This investment from Zurich is the strongest endorsement of Cowbell’s vision and capabilities yet and deepens our footprint in the global cyber insurance market,” said Cowbell Founder and CEO Jack Kudale in a company press release. “With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape.”

With the $60 million investment, Cowbell plans to scale operations to meet growing demand, extend its presence in key international markets, bolster cyber resilience services, introduce new products to the market, and further strengthen strategic partnerships, the release said.

Leveraging existing advances in AI and generative AI, the company aims to expand its technological infrastructure to drive efficiencies and support expedited policyholder and broker decision-making across traditional, digital and API-driven channels, the release added.

Zurich’s investment in Cowbell underscores its commitment to supporting businesses with cyber protection and resilience solutions, particularly within the SME and middle market segments, the release said. It also aligns with Zurich’s ambition to leverage technology and expertise to address cyber risk management.

“Cyber threats remain a major concern for business leaders due to their constantly evolving nature. To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers,” said Sierra Signorelli, Commercial Insurance CEO at Zurich, in the release. “Cowbell is an excellent partner for managing cyber risks. They use a data-centric approach to risk management, provide continuous risk assessments, actively monitor threats, and have strong underwriting expertise. And all of this is centered around a highly advanced digital platform designed to boost cyber resilience for their customers.”

J.P. Morgan Securities acted as financial advisor, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian provided legal counsel to Cowbell in this transaction.

Source: Cowbell