BOXX Insurance, a Toronto-based insurtech that offers cyber insurance and risk management services, has announced that it has raised US$14.4 million in Series B funding – a round that was led by Zurich Insurance Group.
According to a release, Zurich’s investment is in line with its plan to build a presence in both the SME and retail cyber markets.
“We’ve seen how difficult it is to build cyber insurance solutions for the small business and consumer segments – it is costly and requires deep technical expertise to stay ahead,” said Zurich Global Ventures CEO Jack Howell. “BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisers need.”
Howell added that helping customers with digital solutions and embedding them into the customer journey is “critical,” further noting that it is “impressive” that BOXX’s solution is a simple approach to such a complex global challenge.
“In a time when we are digitally more connected than ever, it means we are creating a constant flow of data and, as a result, cyber protection and services are more relevant than ever for small businesses and individuals,” stated Zurich Global Ventures head André João Neiva. “Since we began our collaboration with BOXX Insurance in 2021, we have gained a deeper understanding of our customers’ needs and developed better capabilities and technical expertise.”
"Our goal was always to help our customers stay ahead of cyber threats in addition to being there to help them respond and recover from an incident," said BOXX co-founder and CEO Vishal Kundi in another release. "We've been making a lot of headway with this and additional category expansion."
Zurich previously collaborated with BOXX Insurance in September 2021 and participated in the insurtech’s Series A funding round.
Last November, BOXX Insurance acquired the California-based cyber threat intelligence platform Templarbit. Templarbit’s technology enables companies to learn if their network has vulnerabilities that hackers can exploit.
