Investors in cyber risk solution company Resilience have contributed again – $100 million in a series D equity financing round – a testament to the company’s business model and results, its leaders said.
With reports of a decline in investment funding for insurtechs, and other news of layoffs or dwindling capacity, Resilience co-founder and CEO Vishaal Hariprasad told Insurance Journal that this level of commitment from the company’s investors “is a great signal” of their confidence.
The Series D round was led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, Intact Insurance’s underwriting companies, with participation by Lightspeed Venture Partners as well as General Catalyst and Founders Fund. All have previously invested in the company, which has now raised over $225 million.
Hariprasad said the doubling down by Intact “speaks volumes to their belief in our results at an insurance technical level,” and will provide capacity.
“I see many times we’re reading about capacity drying up for [managing general agents] or others, and that is not the case in this scenario,” Hariprasad added. At the same time, the investment by Lightspeed – a founding investor in Resilience during its Series A round – is a nod that Resilience can resonate with the mid- and large-enterprise base.
“Our technology and our software both with and without insurance, is actually creating resilience,” the CEO said. The new investment round is “a huge vote of confidence given that they’ve been with us every step of the journey. It’s a great partnership and a great belief in the results.”
Last year, 100% of Resilience’s cyber risk management solution clients avoided a ransomware extortion, resulting in the lowest loss ratio in the middle-market space, said Mario Vitale, president of Resilience Cyber Insurance Solutions.
Resilience’s integrated approach to understanding cyber risk and how to manage the risk is “working for the client; it’s working for investors; it’s working for our risk transfer partners like Intact, and it’s working for us,” Vitale told Insurance Journal.
“It is a great place to be and the size of this investment gives us plenty of runway to continue investing in our business and expand,” he added. “We’ve had great success in the middle-market space, and we’re really just scratching the surface.”
The funds will also be used on the founding technology side of the business – in the product and teams, said Hariprasad.
“A big part of what we do is enterprise SaaS, and the tools that we use to underwrite and derive the great results we’ve had,” he explained. “We’re looking to further refine our performance on the insurance side but also unlock the power of the models and our approach so that companies can address cyber resilience.”
Resilience currently serves primary and excess clients in the U.S., United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics. Hariprasad said Resilience has plans to grow its geographic reach, introduce solutions for the large account space, and have the protentional to work in other lines if business such as tech E&O.
“We’re thrilled to lead Resilience’s financing round and to work together to build the cyber risk platform of the future,” said Justin Smith-Lorenzetti, Intact Ventures, in a statement. “We’re eager to continue pairing the innovative cybersecurity solutions and expertise of Resilience with the insurance expertise of Intact Insurance’s underwriting companies as Resilience’s primary capacity provider.”
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