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TORONTO, Jan. 31, 2023/PRNewswire/ -- BOXX Insurance, the Toronto-based insurtech that combines security and cyber insurance, announced a US$14.4 million Series B funding round, bringing the total amount raised from investors to 24.5 million US dollars in the last 16 months. The latest investment was led by global giant Zurich Insurance Company Ltd (Zurich).
BOXX also announced today that its business met its combined target of growing 10x in the past 24 months while continuing to exceed its underwriting targets. More than 250,000 people and 10,000 companies are protected by BOXX.
"Our goal has always been to help our customers stay ahead of cyber threats, as well as being there to help them respond to and recover from an incident," said BOXX Co-Founder and CEO Vishal Kundi. "We've come a long way with this and other category expansions."
In October, BOXX acquired cybersecurity platform Templarbit and began integrating its threat intelligence software into its product suite and subscription framework.
Over the course of 2022, the company launched Hackbusters Incident Response, a virtual CISO service for enterprises, a new mobile app solution for consumers, as well as piloting a number of new security-based initiatives.
"Not only are we seeing more of our existing cyber insurance customers adding our security products, but we are also seeing new customers attracted to our latest security products and services," Kundi noted.
BOXX's mission to make the world a digitally safer place has led to its expanding presence in North America and other select markets poised for growth. BOXX increased its staff from 5 to 36 in the last year.
In addition to expanding its merchandising team and adding new products, BOXX has also rolled out updates to its subscription platform and tools, including third-party integrations.
"We've seen how difficult it is to create cyber insurance solutions for the consumer and small business segments – it's expensive and requires deep technical expertise to stay ahead. BOXX addresses these challenges unequivocally, affordably, and with a genuine understanding of what clients and their risk advisors need," said Jack Howell, CEO of Zurich Global Ventures. "Supporting customers with innovative digital solutions and integrating them into the customer journey is critical. It's impressive to see the simplicity in the way BOXX is tackling such a complex global challenge."
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals, and families protect and defend against cyber threats. BOXX Insurance Inc. is a private company headquartered in Toronto, Canada. BOXX's vision is to help businesses, individuals and families stay ahead of, respond to and recover from cyber threats by putting their digital security first. For more information, visit www.boxxinsurance.com
Media contact: alex.tomaszewski@boxxinsurance.com
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