With this round, the insurtech has raised US$24.5 million. Zurich Insurance participated in both rounds.
BOXX says it’s grown 10X in the last 24 months and now serves over 250,000 individuals and 10,000 businesses.
The investment and BOXX’s growth demonstrated the continued traction of tech companies that combine insurance with security applications.
“We’re not only seeing more of our existing cyber insurance customers adding our security products, but also seeing new customers coming in attracted by our latest security products and services,” BOXX CEO Vishal Kundi said.
The Zurich investment reflects the growing imperative for major insurance carriers to up their game in the cyber insurance realm. Zurich is also eager to gain traction in the SMB and consumer sectors.
“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. BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisors need,” said Jack Howell, CEO of Zurich Global Ventures.
BOXX
Source: Zurich Insurance leads SERIES B fundraise for global cyber insurtech BOXX Insurance