Cowbell ‘deepens focus’ on US and UK SME markets with new investment

Cowbell Cyber has received $25m (£20.7m) in equity financing from Aramco ventures fund Prosperity7, a statement released yesterday (1 November 2023) said.

Cowbell was founded in 2019 as a global small and medium-sized enterprise (SME) cyber insurance provider headquartered in the US and was later launched in London in April 2023.

The business’ UK operations are led by general manager Simon Hughes.

“Momentum and policyholder growth is strong, with record renewal retention.

”We just closed our largest quarter to date on the strength of omnichannel distribution and with a focus on servicing our broker partners and policyholders,” said Cowbell chief executive and founder Jack Kudale.

“With this new investment, we will deepen our focus on serving our chosen markets in the US and UK.

“This milestone is a testament to our expertise, culture and market leadership.”

Financial outlook

The investment builds on Cowbell’s previous three funding rounds.

It’s latest Series B funding round, announced on 15 March 2022, raised a total of $100m (£82.6m).

Series A raised $20m (£16.5m) and its seed round secured $3.3m (£2.7m) in funding.

Prosperity7 Ventures investment principal Chris Zhong said the business was “excited to partner with Cowbell on their path to profitable growth and near-term operating profitability as the company further cements its leadership in global SME markets”.

“Economic costs of cybercrime will reach $24tr by 2027, accelerating cyber insurance adoption and growth even further,” Zhong added.

“We are investing in Cowbell’s strengths – its people, culture and unit economics.”

• Insurance Times has converted dollar amounts into pounds using an exchange rate of $1.21 = £1, which was correct as of 1 August 2023.