Venture capital firm Forgepoint Capital has taken another stride in the cyber-insurance sector, leading a $15 million Series A funding round for Converge Insurance, a New York-based tech startup.
This marks Forgepoint’s second investment in the cyber-insurance space, following its support for Surefire Cyber, a startup catering to cyber insurers, brokers, and legal firms with incident response services. Converge Insurance positions itself as a modern managing general agent (MGA) that combines cyber insurance, security, and technology to serve the small- and medium-sized business (SMB) market.
The $15 million Series A investment in Converge Insurance demonstrates Forgepoint’s commitment to advancing the cyber-insurance ecosystem. As the threat landscape evolves with a surge in major ransomware attacks targeting businesses, the need for robust cyber insurance solutions becomes paramount.
Converge Insurance aims to fill this void by constructing a proprietary data ecosystem bolstered by expert underwriting, paving the way for innovative cyber risk solutions tailored to the often-overlooked SMB sector.
In addition to the funding announcement, Converge Insurance also unveiled the appointment of Tom Kang as CEO and announced new partnerships to fuel business expansion. With a mission to empower policyholders through transparent cyber insurance, Converge seeks to enable businesses to intelligently manage technology risks.
This funding injection will allow Converge to scale its operations, grow its team of in-house experts, and accelerate the global availability of its platform. The investment comes at a crucial time when stricter security controls are becoming necessary for insurance policy renewals and maintenance, underlining the growing importance of cyber insurance solutions in safeguarding businesses from evolving cyber threats.
