Toronto-based insurtech BOXX Insurance has announced a $14.4 million Series B funding round, bringing the total amount raised in the last 16 months to $24.5 million.
Zurich Insurance led the latest funding round, with Jack Howell, CEO of Zurich Global Ventures, commenting, “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.”
Howell continued, “BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisors need.
“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.”
BOXX has also announced that its business met its combined goal to grow 10x in the last 24 months whilst continuing to outperform its underwriting targets. Currently, over 250,000 individuals and 10,000 businesses are protected by the firm.
BOXX Co-founder and CEO Vishal Kundi, said, “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. We’ve been making a lot of headway with this and additional category expansion.”
In October last year, BOXX acquired Cyber security platform Templarbit and has since begun the integration of its threat intelligence software into its product suite and underwriting framework.
BOXX’s presence across North America has expanded greatly, with the firm increasing its staff from 5 to 36, while also implemented upgrades to its underwriting platform and tools including third-party integrations.
Throughout 2022, the company launched its Hackbusters Incident Response, virtual CISO service for businesses, and a new mobile app solution for consumers, in addition to testing several new security-based initiatives.
Kundi added, “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.”
