Toronto-based global cyber insurance and risk management insurtech BOXX Insurance today announced a Series B fundraising of USD 14.4 million, led by Zurich Insurance Group (Zurich).
Zurich had previously announced a collaboration with BOXX Insurance back in September 2021 and participated in its Series A funding round, in line with Zurich’s plan to build a presence in the SME and retail cyber markets.
“We’ve seen how difficult it is to build cyber insurance solutions for the small business and consumer segments – it is costly and requires deep technical expertise to stay ahead. BOXX addresses these challenges unambiguously, affordably, and with a genuine understanding of what customers and their risk advisers need,” said Jack Howell, CEO of Zurich Global Ventures. “Helping customers with innovative digital solutions and embedding them into the customer journey is critical. It’s impressive to see the simplicity in how BOXX is tackling such a complex global challenge.”
“In a time when we are digitally more connected than ever, it means we are creating a constant flow of data and, as a result, cyber protection and services are more relevant than ever for small businesses and individuals,” said André João Neiva, Head of Cyber at Zurich Global Ventures. “Since we began our collaboration with BOXX Insurance in 2021, we have gained a deeper understanding of our customers’ needs and developed better capabilities and technical expertise.”
First announced in mid-2021 and rolled out in 2022, Zurich Global Ventures is a collection of independent businesses driving innovation to provide global services and products that go beyond traditional insurance. Its aim is to enable Zurich to get closer to its customers by offering individuals and businesses customized, engaging and digital experiences that empower them to be better prepared for the future. Beyond cyber, Zurich Global Ventures focuses on customers’ needs in digital health, employee benefits, travel (through Cover-More) and consumer electronics protection.
More information on Global Ventures is available here.