DynaRisk, a UK-based cyber risk management company, has raised $4.7m (£3.52m) in a funding round led by YFM Equity Partners to support its product innovation and facilitate international growth.
The YFM deal team included Matt Gordon-Smith, Alex Neale and David Wrench, with advisory support from Broadfield Law (legal), HMT (financial), RPL (commercial), Leckie Kershaw (technology), Fortius (go-to-market) and Catalysis (organisational).
DynaRisk said it intends to use the new funding to expand its operations across Europe, the Middle East and Africa (EMEA), North America and Asia-Pacific.
The company also announced the appointment of Phil Zeidler to its board, who has experience in establishing and managing successful insurtech ventures.
Gordon-Smith, YFM Equity Partners investment director, said: “We are delighted to back Andrew and his team as they grow their international footprint and continue to lead innovation in cyber risk management.”
Founded in 2016 by Andrew Martin, DynaRisk focuses on providing accessible cybersecurity solutions underpinned by advanced threat intelligence, targeting individuals, families and small to medium-sized enterprises (SMEs).
DynaRisk collaborates with reinsurers, brokers and managing general agents (MGAs) to equip individuals and businesses with essential online protection tools.
Its offerings include a range of threat intelligence-driven software-as-a-service products, portfolio-level monitoring and helpline services.
The company integrates its cyber risk solutions into insurance products, providing services such as vulnerability scanning, dark web monitoring, cybersecurity scoring, training and tailored remediation guidance.
DynaRisk CEO Andrew Martin said: “Brokers, MGAs and reinsurers are rushing to tap the fast-growing cyber insurance market as cyber risk is now one of the most pressing challenges for consumers and SMEs globally.
“While working with global banks, I saw how larger corporations were using expensive and complex enterprise-level software and services and wanted to put these in the hands of more people.”
Currently, DynaRisk serves more than 25 insurance clients globally, protecting approximately 2.4 million consumers and 800,000 SMEs.
Recent partnerships include Beazley’s Turnkey Reinsurance team, Arthur J. Gallagher, REEOIC and SCOR, joining established clients such as Chubb, SPB UK & Ireland, Aspire Insurance Advisers, Ridge Canada and BOXX Insurance.
PwC served as the lead financial advisor to DynaRisk.
“DynaRisk secures funding to advance cyber insurance solutions” was originally created and published by Life Insurance International, a GlobalData owned brand.
