https://techcrunch.com/2022/03/15/cowbell-raises-100m-to-build-out-its-ai-based-cyber-insurance-platform-for-smbs/

Cybercrime is on the rise, and today an insurance startup that’s built an artificial intelligence-based platform to help manage the risks from that is announcing a big round of funding to meet the opportunity. Cowbell Cyber, a full-stack insurance company that provides cyber insurance to SMEs, has closed a Series B of $100 million, which it will be using to continue investing in its data science and “risk engineering”, as well as underwriting tech, claims management, its reinsurance business Cowbell Re, and expanding its go-to-market channels.

The company — based out of Pleasanton and active so far only in the U.S. market — is not disclosing its valuation, nor how many customers it has today, nor what its revenues look like at the moment. But Jack Kudale, the founder and CEO, tells me that it’s projecting its policy holder base to grow three-fold in the next 12 months to 35,000-40,000 customers (which would imply something around 17k-20k businesses currently) and that its premium run rate (the insurance industry’s revenue run rate equivalent) has grown 40x this year to $200 million, in what is still a very nascent market, with less than 10% of small businesses in the country currently taking out cyber insurance policies.