Cyber insurtech BOXX Insurance announces USD $10M Series A round to further accelerate growth, prepare for international expansion
BOXX advances its mission to make it easier for customers to be smarter, more resilient to cyber threats
New investors include Cyber Mentor Fund, Zurich Insurance Group and SixThirty Ventures
BOXX is committed to protecting businesses and consumers and reducing their cyber risk
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.”
About BOXX Insurance
BOXX Insurance Inc. helps businesses and families insure and defend against cyber threats. BOXX Insurance Inc. is privately-held with headquarters in Toronto, Canada. BOXX’s vision is to help businesses, individuals and families stay ahead of, respond to and recover from cyber threats, putting their digital safety first.
About Zurich Insurance Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872.
About SixThirty Ventures
SixThirty is a global venture capital firm that invests in early-stage companies at the intersection of health, wealth and privacy. Their unique platform brings startups and institutions together to collaborate, creating a force multiplier for both. They provide leverage, structure and safety to help companies engage with startups, fuel their growth and bring new ideas to market quickly.
About Cyber Mentor Fund (CMF)
Cyber Mentor Fund takes pride in the entrepreneurial experience because that is who they are. As Fellow Founders, they have experienced and identified the inefficiency of bringing cybersecurity startups to market. The CMF also has active operators who engage with enterprise customers on a daily basis and know what it takes to win. These perspectives and key industry insights helped us create a disciplined, insightful, and hardcore investment and mentorship model.
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