SAN ANTONIO–(BUSINESS WIRE)–CyberFortress, an insuretech startup focused on protecting e-commerce companies from cyber threats, announces that it has closed a $3 million seed round co-led by Greycroft and LiveOak Venture Partners. The funds will be used to expand its product development team in order to accelerate its product launch in the Texas market, which is anticipated for early 2020.
CyberFortress was formed in 2018 to develop a new approach to cyber insurance for small businesses that would overcome the issues with existing coverages: long applications, complicated multi-party coverages, and slow claims payouts.
To solve these problems, CyberFortress is building a parametric, online revenue interruption policy for e-commerce companies that insures them against the risk of downtime resulting from a wide range of potential cyber events including cyber attacks, internal errors, or third-party failure. The parametric approach and broad range of covered perils will distinguish it from other coverages in the market.
“The main cyber threat facing e-commerce companies is downtime. A DDoS attack, service provider outage, or internal error that…
