Coalition, a San Francisco-based cyber insurance company for small and midsize businesses founded by John Hering and Joshua Motta, announced it has closed a $40 million funding round led by Ribbit Capital. Greenoaks Capital and Hillhouse Capital also participated in this round.

What does Coalition do? It aims to solve cyber risk for all organizations by democratizing access to cybersecurity tools that prevents and mitigates loss. And it also provides expert incident response and comprehensive insurance coverage.

With this funding round, Coalition is going to expand its global and Internet-scale data platform — which analyzes hundreds of millions of data points to assess risks within organizations in minutes. And Coalition is going to scale this global platform to provide cybersecurity risk management tools to any organization for free.

“Cyber losses cost the global economy an estimated $1.5 trillion each year, forcing thousands of SMBs to close their doors after experiencing a security failure,” said Coalition CEO and co-founder Joshua Motta. “Outdated approaches to cybersecurity aren’t working. While companies can’t eliminate cyber risk, they can eliminate the…

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