Coalition acquires Jumbo

Cyber insurance startup Coalition has acquired Jumbo, a French startup that offered a consumer privacy and security app. According to TechCrunch, the deal is a “small, acquihire transaction.”

Founded in 2018, Jumbo raised $11.6 million in funding based on Crunchbase data, but according to TechCrunch, Jumbo received an additional $17 million investment last year. The startup’s flagship feature was a dashboard that lets users control their privacy settings across various online platforms such as Facebook, LinkedIn or Instagram.

Shortly after launching in April 2019, the company introduced a premium subscription, while eventually giving users the option to pay what they think is “fair.” Later, the startup pivoted to a free-for-all version, adding “free” identity theft insurance (the more users a user referred, the more identity theft coverage they would get).

Jumbo claims that over 150k users signed up for the identity theft insurance, which was offered by IdentityForce, a TransUnion brand. The startup plans to shut down its iOS and Android apps.