This latest investment brings Cowbell’s total funding to $148 million. The startup revealed encouraging progress on its profitable growth trajectory, boasting a 43% ultimate loss ratio for the year 2022. However, Cowbell recently implemented a workforce reduction, affecting 28 employees, constituting a 12% reduction in its workforce.
Chris Zhong, investment principal at Prosperity7 Ventures commented on the round, saying: “Economic costs of cybercrime will reach $24T by 2027, accelerating cyber insurance adoption and growth even further. We are investing in Cowbell’s strengths – its people, culture and unit economics. Prosperity7 is 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.”
Jack Kudale, founder and CEO of Cowbell also said: “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.”
He added: “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.”
