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GIA Graduate Cowbell Cyber Raises $20 Million In Series A Funding

March 16, 2021

Cowbell Cyber, an AI-powered cyber insurance provider based in Pleasanton, California, has closed $20 Million in Series A funding to scale its game-changing offering for continuous underwriting and closed-loop risk management.

Brewer Lane Ventures led the investment with participation from Pivot Investment Partners, Avanta Ventures, Markel Corporation, and two existing Iowa-based investors, ManchesterStory and Holmes Murphy. The new capital will be used to fund product development, expand risk engineering, sales, marketing, and increase Cowbell’s footprint nationwide. The company has now raised a total of $23.5 million since it was founded in 2019.

Cowbell Cyber was one of 10 insurtech startups that made up the 2019 cohort of the Global Insurance Accelerator in Des Moines.

“I’ve been having a hard time putting into words the magnitude of what it means for the Global Insurance Accelerator with the news of Cowbell raising a $20 million Series A less than two years after joining the GIA as a concept company,” said Nicole Gunderson, Managing Director of GIA in a LinkedIn post about the announcement. “It’s remarkable and I’m so proud of and impressed by Jack Kudale and the team he’s built, including Co-Founder and COO, Trent C., and former GIA intern from Drake University, Taylor Tryon!”

This investment follows Cowbell Cyber’s September 2020 launch of its Prime 250 program, which empowers insurance agents to issue personalized cyber policies—a program that has since expanded to 38 states.

“Cybersecurity is now a risk management issue that is critical to the future of the insurance industry and is evolving at a pace that insurers have rarely seen,” said Jack Kudale, Cowbell Cyber founder and CEO in a release. “Cowbell Cyber has capitalized on businesses’ accelerated digitization and an ever-changing threat landscape. Cowbell embraces AI and machine learning to gain efficiency and accuracy when assessing and underwriting cyber risk while focusing on the fundamental needs of our policyholders: keeping their businesses protected from evolving cyber threats.”

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GIA Graduate Cowbell Cyber Raises $20 Million In Series A Funding | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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