Insurtech Coalition raises $205 million

(Reuters) — Cyber insurance startup Coalition Inc. said Tuesday it had raised $205 million in its latest funding round, giving the company a valuation of more than $3.5 billion.

With the shift to remote work during the COVID-19 pandemic, the need for protection against hacks, ransomware and data theft has surged.

Coalition's cyber risk management platform provides automated security alerts, threat intelligence and cybersecurity tools to help businesses remain resilient against cyberattacks.

San Francisco-based Coalition said the funds would help it increase its scale and expand into new insurance lines, among other things.

The funding round was co-led by investment companies Durable Capital, T. Rowe Price Associates and Whale Rock Capital, with participation from the company's existing investors, it said.

Founded in 2017, Coalition has raised more than $500 million in equity funding to date.