Cowbell raises $25 million

Cyber insurance provider Cowbell has raised $25 million in new funding from Prosperity7 Ventures, with participation from other new and existing investors. To date, Cowbell has raised $148 million.

The startup also announced that its profitable growth path is “tracking positively,” with a 43% ultimate loss ratio for 2022.

Last month, Cowbell made a 12% workforce reduction, which impacted 28 employees.

“Economic costs of cybercrime will reach $24T by 2027, accelerating cyber insurance adoption and growth even further. We are investing in Cowbell’s strengths – its people, culture and unit economics. Prosperity7 is excited to partner with Cowbell on their path to profitable growth and near-term operating profitability as the company further cements its leadership in global SME markets.” – Chris Zhong, investment principal at Prosperity7 Ventures.

“Momentum and policyholder growth is strong, with record renewal retention. We just closed our largest quarter to-date on the strength of omnichannel distribution, and with a focus on servicing our broker partners and policyholders. With this new investment, we will deepen our focus on serving our chosen markets in the US and UK. This milestone is a testament to our expertise, culture, and market leadership.” – Jack Kudale, founder and CEO of Cowbell.