Cybersecurity insurance provider Coalition Inc. has named its first chief financial officer 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 chief financial officer of agricultural technology company Indigo Ag. Previously, he was chief financial officer at technology and investor communications provider Broadridge Financial Solutions. Inc.
and held senior finance positions at Visa Inc.,
which he helped make public in 2008.
Doug Ireland, Coalition’s chief financial officer, 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 Oceania, chief executive Joshua Motta said. Coalition, founded in 2017, operates in the US and Canada and plans to start offering its services in the UK in September. The company also wants to continue developing both new offerings and extensions of 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 bringing in talent that you would expect in a really sophisticated company, private or public,” Mr. Young said.
The company employs about 600 people, up from nearly 300 a year ago, and expects to have about 700 people by the end of this year, Motta said.
Mr Motta said the company was not currently planning to go public and was on track to generate positive cash flow for the year. The company said it serves 160,000 customers, a mix of businesses and nonprofits.
Coalition has raised more than $755m in funding, including the $250m seed round in July 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 most recent round valued the company at around $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 of Allianz X. is to really stay on their trajectory and keep innovating,” Cetin said, declining to disclose how much Allianz invested in the July round.
Coalition said its revenue nearly tripled in the 12 months to June and reached an annual rate of more than $775 million in gross written premiums.
Mr. Young said his experience at companies such as Broadridge and Indigo would help him navigate international expansion and, should Coalition eventually go public, generate returns for shareholders.
“These businesses are a good training ground to think about how to scale a business and what the movie looks like at the end,” Mr. Young said.
The Coalition also recently appointed John Littzi as its first General Counsel. Mr. Littzi most recently served as Assistant General Counsel at WR Berkley Corp.
Write to Mark Maurer at [email protected]
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