Toronto, ON (Feb. 1, 2023) – BOXX Insurance, the Toronto-based InsurTech that combines cyber insurance and security, is pleased to announce a US$14.4 million Series B funding round, bringing the total amount raised from investors to US$24.5 million in the last 16 months. The latest investment was led by global giant, Zurich Insurance Company Ltd (Zurich).
BOXX also announced that its business met its combined goal to grow tenfold in the last 24 months while continuing to outperform its underwriting targets. More than 250,000 individuals and 10,000 businesses are protected by BOXX.
“Our goal was always to help our customers stay ahead of cyber threats in addition to being there to help them respond and recover from an incident,” said BOXX Co-founder and CEO Vishal Kundi. “We’ve been making a lot of headway with this and additional category expansion.”
In October, BOXX acquired Cyber security platform Templarbit and has begun the integration of its threat intelligence software into its product suite and underwriting framework.
Over the course of 2022, the company launched its Hackbusters Incident Response, virtual CISO service for businesses, a new mobile app solution for consumers, in addition to testing a number of new security-based initiatives.
“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,” Kundi said.
BOXX’s mission to make the world a digitally safer place has led to its presence expanding across North America and other selected markets poised for growth. BOXX increased its staff from 5 to 36 in the last year.
In addition to expanding its go-to-market team and adding new products, BOXX has also implemented upgrades to its underwriting platform and tools including third party integrations.
“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. “Helping customers with innovative digital solutions and embedding them into the customer journey, is critical. It’s impressive to see the simplicity in how BOXX is tackling such a complex global challenge.”
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals 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. For more information, visit www.cyberboxx.ca.
About Zurich
Zurich North America is one of the largest providers of insurance solutions and services to businesses and individuals. Our customers represent industries ranging from agriculture to technology. Further information is available at www.zurichna.com.
Zurich North America is part of Zurich Insurance Group, a leading multi-line insurer serving people and businesses in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to “create a brighter future together,” Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
Source: BOXX Insurance
Tags: Boxx Insurance, funding, InsurTech, seed funding, Zurich
