Funding round
Coalition Series D
Coalition, which works in cyber insurance underwriting in San Francisco, raised $175M in a Series D round announced on 17 Mar 2021, led by Index Ventures, at a $1.75B post-money valuation. 7 firms took part, 5 of them already investors. It is Coalition's third venture round on record; the one before was a Series C in May 2020.
$175M
Amount raised
$1.75B
Post-money valuation
$1.57B pre-money
7
Investors
1 lead
2.0x
Step-up from the Series C
$890M in May 2020
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Coalition at $1.75B after the new money, 2.0 times the $890M of its Series C (May 2020). The $175M bought investors about 10% of the company. It came 10 months after Coalition's Series C. It is 24% of the $730M Coalition has raised in the venture rounds on record. Coalition raised again 6 months later: a Series E round of $205M in Sep 2021, at $3.50B post-money.
Coalition's funding rounds
Coalition has 5 venture rounds on record. This one is highlighted.
- Series A 28 Feb 2018 $10M
- Series C 20 May 2020, led by Valor $90M$890M post-money
- Series D this round 17 Mar 2021, led by Index Ventures $175M$1.75B post-money
- Series E 28 Sep 2021, led by Durable Capital Partners, T. Rowe Price Associates and Whale Rock Capital $205M$3.50B post-money
- Series F 8 Jul 2022, led by Allianz X, Valor and Kinetic Partners $250M$5.00B post-money
Investors
Who put money in
Index Ventures led the round with 6 other firms. Swiss Re, Arch Insurance, Ribbit and Vy Capital and 1 more had backed Coalition before.
Lead investor
- Index Ventures backs 353 venture-backed companies new investor
Also in the round
- General Atlantic backs 134 venture-backed companies new investor
- Swiss Re existing investor
- Arch Insurance existing investor
- Ribbit backs 126 venture-backed companies existing investor
- backs 22 venture-backed companies existing investor
- Valor backs 143 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
13 Series D rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $150M, and this round was 1.2 times the median. The closest in time, other companies' Series D rounds in Insurance - Agents, Carriers & Brokers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Insurance - Agents, Carriers & Brokers | 18 Mar 2021 | $28M | not disclosed | AVP |
| Alan Insurance - Agents, Carriers & Brokers | 19 Apr 2021 | $222M | $1.68B | Coatue |
| Insurance - Agents, Carriers & Brokers | 13 Apr 2021 | $200M | not disclosed | Eldridge |
| Insurance - Agents, Carriers & Brokers | 12 Apr 2021 | $150M | $1.00B | Hedosophia |
| ManyPets Insurance - Agents, Carriers & Brokers | 1 Jun 2021 | $350M | $2.00B | EQT |
| Insurance - Agents, Carriers & Brokers | 17 Nov 2020 | $30M | not disclosed | GGV Capital |
| Insurance - Agents, Carriers & Brokers | 23 Sep 2020 | $250M | $2.00B | CapitalG |
| Devoted Health Insurance - Agents, Carriers & Brokers | 8 Oct 2021 | $1.20B | $12.70B | not named |
Sources
Where this comes from
Reported by 3 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Coalition raise in its Series D round?
Coalition raised $175M in its Series D round, announced in Mar 2021.
Who led Coalition's Series D round?
Index Ventures led it, with General Atlantic, Swiss Re, Arch Insurance, Ribbit and Vy Capital and 1 more.
What was Coalition's valuation at the Series D round?
$1.75B post-money ($1.57B pre-money).
How does it compare with other Series D rounds in Insurance - Agents, Carriers & Brokers?
13 Series D rounds in Insurance - Agents, Carriers & Brokers within a year either side disclosed an amount; the median was $150M, and this round was 1.2 times the median.
Did Coalition raise again after this round?
Yes: a Series E round in Sep 2021 of $205M at $3.50B post-money.