(Reuters) - Coalition said on Friday it had raised $250 million in a late-stage funding round last month that valued the cyber insurance provider at $5 billion, at a time organizations have been facing an increasing risk of cyber threats.
Cybersecurity is a hot market right now, having attracted billions of dollars in investments, thanks to the pandemic-led shift to remote working as well as the Russia-Ukraine conflict that has led to a spike in digital attacks.
The five-year-old company, which helps over 160,000 organizations mitigate digital risk as its insurance product offers cybersecurity tools too, saw its revenue growth nearly triple from last year, according to its statement.
Axonius and Jupiterone also raised millions of dollars this year as venture capital investors raced to cash in on the upswing in the digital security sector.
Private equity firm Thoma Bravo planned to acquire SailPoint Technologies for $6.12 billion, the cybersecurity firm said in April, underscoring heightened interest in the security software market.
Allianz X, Valor Equity Partners, Kinetic Partners were among the investors in Coalition's series F round that brought the total capital raised by the firm to $755 million. The company also counts T. Rowe Price, Ribbit Capital, Index Ventures, General Atlantic among its prominent backers.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay Dwivedi)