Singapore insurtech provider Cyber Sierra raises $4.3M seed fund led by Leo Capital
Cyber Sierra, a Singapore-based technology-enabled cyber insurtech provide, announced Tuesday the completion of a $4.3 million seed fund led by Leo Capital, with participation from AppWorks, Credit Saison, as well as angel investors including prominent founders and leaders in the cloud and insurance sectors. With this round of financing, Cyber Sierra said in a statement that it plans to launch and grow its business offerings to include more products to serve risk and compliance needs of businesses in line with apt regulatory frameworks. It will also bring on new hires across all functions, expand its network of startups, small and medium-size enterprises (SME) customers across Southeast Asia, India, and other markets.
“Our goal is to serve every online business. In current times, cloud-native companies have inevitably either already experienced data and security incidents, or will soon. Cyber Sierra aspires to build the best cyber experience for SMEs, offering a full suite of technology, insurance products and solutions to help companies compliantly strengthen their security posture as well as gain access to expert response and comprehensive insurance coverage when needed.” said Pramodh Rai, Co-founder of Cyber Sierra.
Meanwhile, Cyber Sierra Co-Founder Subhajit Mandal said that for a young, fast-growing, global and digital commercial risk such as cyber, the next couple of years present a unique opportunity to create the next generational way of insuring businesses.
“Our platform is focused on helping customers grow their cyber security posture, with embedded insurance offerings. This helps companies to adopt a more holistic approach to managing cyber risk,” he said.
Founded in June 2021, Cyber Sierra is a technology company that offers cyber risk, compliance and insurance products backed by leading global brokers and insurers. The company delivers cybersecurity and technology insurance offerings to SMEs with presence on the cloud. Cyber Sierra provides companies with up to $5 million of cyber and technology insurance coverage. Starting in Singapore, the company is currently expanding to India in addition to other countries in the Southeast Asia region.
Cyber Sierra is led by a team of seasoned technology entrepreneurs, including Pramodh Rai, who has led technical teams at Hmlet and Funding Societies; and Subhajit Mandal, an experienced fintech and insurtech expert with stints at AXA and MetLife. As a technically-driven company, Cyber Sierra is strongly focused on creating targeted security features for its end users. Through Cyber Sierra’s platform, businesses will be able to access a number of cybersecurity tools including threat alerts, intelligence feeds, anti-phishing, vulnerability scans and governance features with bundled insurance offerings. Cyber Sierra’s customers include leading fintech companies, healthcare providers, e-procurement as well as ed-tech and e-commerce technology firms. Besides, Cyber Sierra’s team includes technology entrepreneurs and executives who have built cybersecurity and insurtech solutions for banks, government agencies, cloud providers and (re)insurers. Their combined expertise positions Cyber Sierra to help businesses solve the cyber risk challenges.
“Covid accelerated the digitization of every business around the world. To meet the needs of online businesses new and old alike, we are excited to back Subhajit and Pramodh, supporting them in building solutions for the cyber security and cyber insurance challenges of the digital economy,“ said Shwetank Verma, Managing Partner of Leo Capital.
Leo capital is a Singapore-based early-stage venture fund, built by serial entrepreneurs with global experience. It backs companies powering a software-enabled world and supports their founders to build the iconic companies.
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