San Francisco-based cybersecurity company Coalition announced Wednesday that it raised $175 million in a Series D funding round led by Index Ventures. The latest round solidifies Coalition’s unicorn status with a valuation of $1.75 billion.
Coalition has kept busy since the start of the pandemic. Less than 12 months ago, the company brought in $90 million via its Series C. At the time, the cybersecurity platform announced its plans to double the size of its team by the end of 2021.
The new funding will be used to invest in expanding the company’s core product as it continues to grow internationally. Coalition is now hiring for a slew of open remote positions spanning the company’s engineering, marketing, product and data science teams.
“The future of insurance will be defined by technology, and we will continue to invest in building a leading technology company focused on innovation across all aspects of the insurance value chain,” Joshua Motta, co-founder and CEO of Coalition, said in a statement.
Security breaches have surged over the past year, due in large part to the pandemic forcing companies to digitally adapt to a new era of remote work.
Coalition’s platform provides enterprises with automated security alerts, endpoint detection and response, patch management and a range of other cybersecurity tools to help them remain secure in the face of cyber attacks.
The company also offers enterprises insurance coverage. As part of its security approach, Coalition protects businesses against financial, tangible and intangible damages of up to $15 million.
“Our power comes from our purpose: to protect the value of our customers’ businesses, and to provide security for all,” Motta said in a statement on his blog. “And our approach works. Not every time, but always. The result has been growth far greater than we ever could have anticipated.”
Coalition has raised $300 million in venture capital financing to date, according to the company. Growth equity firm General Atlantic participated in the round along with several existing investors.
