Cybersecurity insurance provider Coalition Inc. named its first chief financial officer after raising $250 million in a Series F round.
The San Francisco-based company said Jim Young took over as chief financial officer on July 25. Most recently, Mr. Young served as CFO at agricultural technology company Indigo Ag. Prior to that, he was CFO at investor communications and technology provider Broadridge Financial Solutions inc
and held senior finance positions at Visa inc,
which he floated on the stock exchange in 2008.
Doug Ireland, Coalition’s head of finance, was previously responsible for the finance team and will now report to Mr Young, the company said.
The creation of the CFO position comes as the company focuses on launching operations in continental Europe and the Oceania region, Chief Executive Joshua Motta said. Founded in 2017, Coalition operates in the US and Canada and is expected to begin offering its services in the UK in September. The company will continue to develop both new offerings and enhancements to existing services, he said.
Mr. Young said he plans to increase the workforce and prepare for the company’s overseas expansion. “It’s both about developing the talent that we have and attracting the talent that you would expect from a really challenging company, private or public,” said Mr. Young.
The company employs about 600 people, up from nearly 300 a year ago, and plans to employ around 700 people by the end of this year, Mr Motta said.
Mr Motta said the company currently has no plans to go public and is on track to be cash flow positive for the year. The company said it serves 160,000 customers, a mix of businesses and nonprofits.
Coalition has raised more than $755 million in funds, including July’s $250 million round led by Allianz X, an investment arm of German financial services giant Allianz SE,
and investment firms Valor Equity Partners and Kinetic Partners Management LP. The latest round valued the company at around $5 billion.
The timing of an IPO, if the company seeks one, shouldn’t hamper its long-term expansion and growth goals, said Allianz X CEO Nazim Cetin. “The most important thing is to really stay on track and keep innovating,” said Cetin and declined to disclose the amount Allianz invested in the July round.
Coalition said its revenue nearly tripled in the 12 months ended June to an annual run rate of more than $775 million in gross premiums written.
Mr. Young said his experience at companies such as Broadridge and Indigo will help him manage international expansion and, should Coalition eventually go public, generate shareholder returns.
“These companies are a good place to start thinking about how to scale a business and what the final film will look like,” said Mr. Young.
Coalition also recently appointed John Littzi as its first General Counsel. Mr. Littzi was most recently deputy general counsel at WR Berkley corp
write to Mark Maurer at [email protected]
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