Eos is investing $5m in Fenix24; valuation was not released.
The investment demonstrates growing industry focus on “right of the boom” cybersecurity technology — loss management for when pre-breach underwriting standards and risk controls have failed to prevent an attack.
“‘As Ransomware-as-a-Service has grown, the business impact of cyberterrorists’ ransomware attacks has also increased significantly—more than 60% of total cyber losses to an insurance carrier now are estimated to come from business interruption,’ said (Zach Powell, General Partner of Eos Venture Partners). ‘With the need for a better response on behalf of those impacted by ransomware and the entire cyber insurance eco-system, Eos is proud to support Fenix24’s rapid growth and reputation as the world’s fastest restoration company…'”
Fenix24, an industry-leading cyber disaster recovery firm that is transforming the post-breach restoration process and impact, announced a $5 million investment by Eos Venture Partners, a prominent InsurTech investor. Zach Powell, General Partner of Eos Venture Partners, will join Fenix24 as a board member.