AXA joined a $50 million financing for an information security company that rates companies’ cybersecurity readiness. W.R. Berkley Corp. led a $12.5 million funding round for a startup with an insurance technology platform “ecosystem” for insurers, global consumer brands and consumers.

***

The venture arm of French insurer AXA participated in a $50 million financing for SecurityScorecard, an information security company that rates companies’ cybersecurity readiness.

Riverwood Capital led the Series D financing, which also included existing investors such as Evolution Equity, Intel Capital, Two Sigma, AXA Ventures and Accomplice.

To date, New York-based SecurityScorecard has raised $110 million including the new round, and the cash infusion will help expand its product and technology offerings, particularly its security rating platform. The company said its platform is used across 175 countries for cybersecurity insurance underwriting, M&A due diligence, reputation management and vendor risk management.

***

W.R. Berkley Corp. led a $12.5 million funding round for SURE, a New York-based startup with an insurance technology platform “ecosystem” for insurers, global consumer brands and consumers.

The new Series B financing means SURE is backed by more than $23.1 million in funding to date.

Through its partnerships with top insurance carriers, SURE offers dozens of insurance products through its digital platform, crossing both novel coverages like rideshare and mobility insurance and more traditional P&C, A&H and commercial coverages like renters, travel, rental car, individual items, smartphones, and commercial BOP and liability, it said.

SURE pitches its platform as being designed from the ground up to meet demands of major insurance carriers and global consumer brands by providing an easy-to-use platform that distributes new insurance products and modernizes existing ones digitally.

The new funding will enable the company to scale up its SURE app (consumer product), SURE Platform (for global consumer brands and carriers) and SURE Connect (for affinity programs, eCommerce and Fintech partners). Additionally, the new financing will propel continued growth and development of its technology, APIs (application programming interfaces) and Insurance-as-a-Service offerings.

Sources: SecurityScorecard, SURE

Carrier Management
Read the full article on Carrier Management here.