THE HITLIST
THE UNICORN HERD · $1B – $9.9B
SAN FRANCISCO, UNITED STATESFOUNDED 2018

Coalition

$3.5Bpaper valuation

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// OVERVIEW

Coalition is the only cyber insurance company that convinced Silicon Valley a 300-year-old actuarial business was a technology company worth $3.5 billion. The pitch: bundling network security scanning with insurance policies transforms underwriting from risk assessment into risk prevention. The reality: cyber insurance is still fundamentally about predicting breach probability and pricing accordingly, and the security tooling is table stakes that every major carrier now offers.

// HQ

San Francisco, United States

// STATUS

PRIVATE

// FOUNDED

2018

// TIER

The Unicorn Herd · $1B – $9.9B

// PRIMARY SECTOR

cybersecurity

// FOUNDERS

Joshua MottaJohn HeringShawn Ram

// FUNDING ROUNDS

// SECTORS SERVED

// TECHNOLOGY

Coalition built a proprietary risk assessment platform that continuously scans policyholder networks for vulnerabilities and generates security scores that feed underwriting decisions. The company offers active monitoring, security alerts, and incident response services as part of the policy bundle. The technology stack is standard network scanning and threat intelligence aggregation — competent execution, not proprietary advantage.

// WOWLS ASSESSMENT

// THREAT LEVELDANGEROUS
network effects or regulatory capture, approach with caution

Coalition raised $755 million across seven rounds between 2018 and 2022, reaching $3.5 billion valuation at a time when cyber insurance premiums were spiking 50-100% annually due to ransomware epidemic losses. The company insures 140,000 businesses and processes $1 billion in annual premiums. The problem: cyber insurance is entering a correction cycle where premiums are stabilizing, major carriers like Chubb and AIG have deployed equivalent security bundling, and Coalition's underwriting advantage narrows with every competitive deployment of similar scanning tools. The technology moat was always thin — network vulnerability assessment is not novel — and the real question is whether Coalition can sustain premium pricing and customer retention when the product increasingly resembles what Travelers or Hartford offers with 100 years of capital reserves and distribution infrastructure behind it. The $3.5 billion valuation prices in continued premium growth and market share expansion that the current competitive landscape does not support.

// WHY WOWLS HUNTS THIS

The company raised three-quarters of a billion dollars to build network scanning tools that Chubb replicated in 18 months. When the technology advantage disappears the only thing left is an underwriting business competing against carriers with 50x the balance sheet.

VERDICT: DANGEROUS — COALITION CONVINCED VENTURE CAPITAL THAT CYBER INSURANCE WAS A TECHNOLOGY CATEGORY WORTH $3.5 BILLION, THEN EVERY MAJOR CARRIER DEPLOYED THE SAME SECURITY SCANNING TOOLS AND PROVED IT WAS JUST INSURANCE WITH BETTER MARKETING

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// LOADING INTEL…

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// SIMILAR TARGETS

// INTEL UPDATED: MAY 2026

// INTELLIGENCE DISCLAIMER: Assessments represent editorial opinion based on publicly available data including filings, press reports, and market data as of the date shown. Valuations are approximate. Not financial or investment advice.

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