Toronto InsurTech startup Relay Platform has been acquired by At-Bay, a digital insurance provider based in San Francisco.
According to At-Bay, Relay will continue to operate as an independent entity, under its own management team.
Founded in 2019, Relay provides an online platform for brokers and agents to add speciality lines to their clients proposals. Users fill a unified application form that is used to collect quotes instantly or through an email process, and create proposals automatically. Relayspecializes in cyber insurance, but also supports other lines such as management liability, reps and warranties, terrorism, and small business owner policies.
Prior to its acquisition, Relay secured over $8.25 million USD in total funding to date. This includes a $5.2 million seed round last year, as well as $2.05 million in pre-seed funding in 2020 and previous investments from American Family Insurance and Highline Beta (the amount for which was not disclosed). Some of Relay’s other investors include Drive Capital and NFP Ventures.
By joining At-Bay, Relay said it expects to expand its capabilities and value-added services for its partners.
Relay’s integration will also complement At-Bay’s ongoing digital distribution strategy, according to the latter, as At-Bay will now be equipped with a dedicated broker platform and an API for partnering with technology platforms and digital distribution solutions.
Since its inception in 2016, At-Bay has secured around $292 million USD in funding to date. The company previously raised a $34 million Series B round, $74 million in Series C financing, and $185 million for its Series D that brought At-Bay’s valuation to $1.35 million. Last year, At-Bay also closed $20 million for its Series D extension.
At-Bay claims that its annual recurring gross written premium surpassed $360 million USD in 2022.
As a provider of cyber insurance, At-Bay’s security teams scan each client’s system to identify vulnerabilities and provide actionable insights to help businesses mitigate risks.
With its head office in San Francisco and its R&D centre in Israel, At-Bay also has operations in Mountain View, New York, Atlanta, Chicago, and Los Angeles.
CORRECTION 24/08/2022: This article previously, incorrectly referred to At-Bay as an insurance broker. At-Bay is not a broker, but a provider of cyber insurance. The article has been updated to reflect this.
Featured image from Scott Graham via Unsplash.