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Elpha Secure Raises $20 Million In Series A Funding Led By Canapi Ventures

Oct 06, 2022almost 3 years ago

Amount Raised

$20 Million

Round Type

series a

New York

Description

Elpha Secure Technology Inc., the first cyber insurance startup to combine proprietary cybersecurity software with coverage to improve risk transfer, has completed a $20 million Series A funding round. Canapi Ventures, a venture capital firm investing in early to growth-stage fintech companies, led the round with participation from Elpha Secure’s existing investors, including Stone Point Ventures, AXIS Capital, State Farm Ventures®, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners.

Company Information

Company

Elpha Secure

Location

New York, United States

About

Elpha Secure is a cyber insurance MGA serving small and midsize businesses across a range of industries. Embedding proprietary cybersecurity technology within each cyber insurance policy, we advance the conventional cyber insurance model by reducing risk for businesses with the right security software, qualifying them for full cyber coverage, and providing that coverage, all at once. Built upon a belief that all business owners should have access to the tools they need to function safely in the digital age, we’ve designed our cyber product to help SMBs defend against cyber incidents ranging from insider threats to ransomware attacks. We work with leading brokers to produce customized quotes in minutes and bind policies online. Insureds can activate their coverage and arm their systems in seconds with our single-click software installer. Our full suite of cybersecurity software is developed and supported in-house and validated by a leading third-party security provider, while our comprehensive cyber insurance coverage is backed by an AM Best A rated carrier and supplemented by a hand-picked team of incident response professionals. Elpha Secure is supported by leaders in the insurance space, including Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford, Fermat Capital Management, and EOS Venture Partners.

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