Cyber insurance provider Coalition Inc. named its first CFO after raising $250 million in a Series F round.
The San Francisco-based company said Jim Young started July 25 as chief financial officer. Mr. Young most recently 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 financial roles at Visa Inc.,
that he helped publish in 2008.
Doug Ireland, the Coalition’s head of finance, previously headed 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. The Coalition, founded in 2017, operates in the US and Canada and expects to start offering its services in the UK in September. The company also wants to continue developing new offerings and expanding existing services, he said.
Mr. Young said he plans to increase the number of employees and prepare for the company’s expansion abroad. “It’s both the development of the talent that we have and the recruitment of talent that you would expect in a really sophisticated company, private or public,” said Mr. Young.
The company employs about 600 workers, up from about 300 a year ago, and plans to increase the number of employees to about 700 by the end of this year, Mr. Motta said.
Mr. Motta said the company has no current 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.
The coalition has raised more than $755 million in funding, including a $250 million round in July led by Allianz X, an investment subsidiary of German financial services giant Allianz SE,
and investment firms Valor Equity Partners and Kinetic Partners Management LP. The most recent round valued the company at about $5 billion.
The timing of an IPO, if the company pursues one, should not interfere with its long-term expansion and growth goals, said Nazim Cetin, chief executive at Allianz X. “The most important thing is to really stay on their trajectory and keep innovating,” Mr. Cetin said, declining to disclose the amount Allianz invested in the July round.
The coalition said its revenue almost tripled in the 12 months to June and hit an annual rate of more than $775 million in gross written premiums.
Mr. Young said his experience at firms such as Broadridge and Indigo will help him navigate international expansion and, if Coalition eventually goes public, generate shareholder returns.
“These businesses are a good training ground for thinking about how to grow a business and what the film looks like in the end,” said Mr. Young.
The coalition also appointed John Littzi as its first general counsel. Mr. Littzi most recently served as deputy general counsel at WR Berkley Corp.
Write in Mark Maurer at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8