BOXX Insurance, the Toronto headquartered insurtech that combines cyber insurance and security, announced 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 today announced that its business met its combined goal to grow 10x in the last 24 months whilst continuing to outperform its underwriting targets. Over 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.”
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