BOXX, the leading cyber insurance provider for small businesses, individuals and families, announced today that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.
“In a world impacted by major technological and societal disruptions, the expectations around cyber and privacy protection have never been more important,” says Vishal Kundi, CEO of BOXX, which he co-founded with Mike Senechal.
BOXX Insurance Inc. was launched in 2018 and now has a strong trading presence in Canada and in selected markets in Europe and Latin America. BOXX’s innovative approach has been recognized across the world including being selected for the industry’s leading innovation program: Lloyd of London’s Lab and the Monetary Authority of Singapore’s prestigious program for fast growing fintechs.
“Our model has been proven to help clients identify and stop attacks and should an incident occur, minimize the trauma and damage that typically ensues,” says Kundi. “We want to continue to make it easier for customers to be smarter and more resilient to cyber threats”.
The Series A funding will help BOXX expand the team to support the increasing growth in demand from brokers, partners and clients and prepare for international expansion, Kundi adds.
BOXX also announced a global partnership with Zurich. Says Jack Howell, CEO of Zurich Global Ventures: “BOXX’s prevention-led approach convinced us that they are building a winning business with the potential to actively shape cyber insurance for small to mid-sized businesses and consumers. They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance. The combination of their knowledge and Zurich’s global reach and international expertise is a win-win situation for Zurich customers and BOXX.”
“A massive opportunity exists to help companies and consumers reduce their growing digital risk exposure and we believe BOXX will play a role given their deep roots in the insurance industry and prevention-led approach,” says Tim Eades, General Partner, CMF. “We couldn’t be more excited about the relationship between Zurich and BOXX, and are thrilled to be investing at a time in the BOXX journey when they are seeing unrivaled traction and staking a claim as a dominant force in the industry.”
“The BOXX team is committed to protecting businesses and consumers and reducing their cyber risk, which is paramount in today’s digitized world,” said Atul Kamra, Managing Partner at global venture firm SixThirty Ventures. “BOXX’s digital health tracker and cyber training platform allows consumers and businesses to improve their cyber hygiene practices, significantly reducing the chances of a breach from occurring in the first place.”