At-Bay Closes $20M Extension to Series D; Adds Investor ION Crossover Partners

October 13, 2021 at 09:00 AM EDT

New funding follows recent success navigating ransomware

At-Bay, the insurance company for the digital age, today announced the closing of a $20 million extension to the company’s Series D financing, adding new investor ION Crossover Partners. The extension brings the Series D round to $205 million, valuing the company at $1.35 billion.

In July 2021, At-Bay closed a $185 million Series D round, co-led by Icon Ventures and Lightspeed Venture Partners, with participation from existing investors including Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.

“At-Bay has a tremendous opportunity to redesign the insurance operating system,” said Jonathan Kolodny, Partner, ION Crossover Partners. “We are already seeing their positive impact on SMBs by reducing ransomware incidents, and we are excited to see their impact grow as they apply their proprietary automated underwriting platform to new products and services.”

In the face of a ransomware surge across the industry, At-Bay’s ransomware claims frequency remains seven times lower than the industry average. At-Bay details how its modern approach to risk management, with a combination of technical underwriting and active risk monitoring, helps the companies it insures experience fewer ransomware incidents in its report: Overcoming Ransomware: A Blueprint for Thriving in a Digital World.

“At-Bay’s success helping SMBs experience fewer ransomware incidents is resonating with customers and investors alike,” said Rotem Iram, Co-Founder and CEO of At-Bay. “ION has an impressive track record of shepherding startups to successful outcomes, and we are proud to have them as an investor.”

At-Bay recently announced a collaboration with Microsoft to help SMBs proactively manage cyber risk. In Q2 of 2021, the company surpassed $160 million in annual recurring revenue on 800% year-over-year premium growth. At-Bay has raised $292 million to date.

About At-Bay

At-Bay is the insurance company for the digital age. By combining world-class technology with industry-leading insurance expertise, we designed an insurance company from the ground up that empowers businesses to thrive in the digital world. As a Managing General Underwriter (MGU), At-Bay underwrites insurance policies through HSB Specialty Insurance Company, rated A++ by A.M. Best Company and part of Munich Re. At-Bay is backed by Acrew Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Asset Management, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital. www.at-bay.com

About ION Crossover Partners

ICP was founded in 2018 with a focus on supporting founders with growth aspirations and businesses with an untapped growth opportunity. Its first fund, ION Crossover Partners LP was launched that year, and its second fund, ION Crossover Partners II LP, was launched in early 2021. www.ion-am.com/ioncrossoverpartners