Zurich Insurance participated for the second time in a financing round in Boxx. This Canadian insurtech offers “all-in-one” offers combining cyber protection, threat detection, awareness and coverage of costs related to a cyber incident.
Zurich Insurance has set its sights on the Canadian start-up Boxx. The Swiss group has just invested once once more in this young Toronto firm, on the occasion of a series B funding round of 14.4 million dollars. Zurich Assurance had already led the previous funding round, which closed in September 2021, when Boxx had already raised a total of $10 million.
“We have seen how difficult it is to develop cyber insurance solutions for the small business and consumer segments. It’s expensive and requires deep technical expertise to stay ahead of the game. Boxx meets these challenges with no ambiguity, at an affordable price and with a true understanding of what clients and their risk advisors need,” said Jack Howell, CEO of Zurich Global Ventures, quoted in the press release from the Canadian start-up. The boss of Zurich, however, recently warned that cyberattacks will soon no longer be insurable.
Boxx offers “all-in-one” offers combining IT security solutions and cyber insurance. Founded in 2018, the Canadian insurtech targets SMEs and individuals, with cyber threat prediction and protection products and employee awareness services. On its website, the start-up specifies covering different dimensions. Including damage caused by hackers, costs to repair, replace or restore websites, lost profits in the event of business interruption, the costs of replacing damage to your equipment, or those related to the services provided to customers affected by a cyber incident. Boxx also offers its offers in white label.
