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.”