At-Bay Acquisition, Valuation, Funding & Investors

At-Bay was acquired by Munich Re for $575M in August 2026.

At-Bay acquisition price

$575M

Acquired by Munich Re · Aug 2026

At-Bay revenue

$160M

Series D · Oct 2021

Cumulative funding At-Bay raised

$296M

across 7 funding rounds

Key investors in At-Bay

  • Shlomo Kramer
  • Lightspeed Venture Partners
  • Khosla Ventures
  • Acrew Capital
  • Munich Re Ventures
  • M12

At-Bay Overview

About At-Bay

At-Bay is a San Francisco-headquartered insurtech firm combining cyber insurance with managed detection and response services, protecting small to midsize businesses against ransomware and breaches. It monitors networks continuously using proprietary Stance platform, covering cyber liability, tech errors and omissions, and professional liability through admitted carriers. At-Bay serves U.S. enterprises with integrated security tools.


Founded

2016

HQ

United StatesSan Francisco, CA

Website

at-bay.com

Status

Acquired

Customer focus

B2B

Revenue model

Product sales, Services, Subscription

Revenue

$160M (Oct 2021)

Valuation

$1.4B (Oct 2021)

At-Bay Acquisition

At-Bay was acquired by Munich Re for $575M on 19 August 2026.

Before the acquisition At-Bay had raised $296M across 7 funding rounds.

Munich Re Group agreed to acquire At-Bay in an all-cash transaction at an enterprise value of $575 million, with closing expected in the first quarter of 2027. The deal gives Munich Re greater access to the U.S. small and medium-sized enterprise cyber insurance market and expands its cyber risk capabilities through At-Bay’s combined insurance and cybersecurity offering. At-Bay reported $278 million of gross written premiums in 2025 and $23 million of cyber fee service revenues as of December 31, 2025, implying roughly a 2x multiple on gross written premiums at the announced valuation. The purchase price is well below At-Bay’s $1.35 billion post-money valuation in its 2021 Series D round, reflecting a marked reset in private-market insurtech valuations. At-Bay is a U.S.-based cyber insurtech founded in Israel that serves SME customers with cyber insurance and cybersecurity services, and it employed about 280 people across the United States and Israel at the time of the announcement.

At-Bay acquisition details
AcquirerDateTypePrice
19 Aug 2026Strategic M&A$575M

At-Bay Valuation

At-Bay is currently valued at $1.4B, based on its Series D in October 2021.

The $20M round was led by ION Crossover Partners.

At-Bay's valuation has moved from $1.4B at its Series D in July 2021 to $1.4B in October 2021, across 2 priced rounds.

At-Bay valuation by funding round

Revenue multiple
At-Bay valuation by funding round
DateStageValuationRevenue Multiple
Oct 2021Series D$1.4B8.4x
Jul 2021Series D$1.4B8.4x

At-Bay Revenue

At-Bay's latest recorded revenue is $160M, as of its Series D in October 2021. At a $1.4B valuation, that implies a 8.4x revenue multiple.

Revenue moved from $160M in July 2021 to $160M in October 2021, while the revenue multiple moved from 8.4x to 8.4x.

At-Bay revenue by funding round

At-Bay revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2021$160M$1.4B8.4xSeries D
Jul 2021$160M$1.4B8.4xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

At-Bay Funding History

At-Bay has raised a total of $296M across 7 funding rounds.

At-Bay's first fundraising round was a $6M seed round in November 2017. The most recent completed round was a $4M seed round in September 2022.

At-Bay funding rounds

At-Bay funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022SeedUnion Tech Ventures$4M-At-Bay raised $3.75 million in an unattributed VC round on September 2, 2022, with participation from Acrew Capital, Icon Ventures, and Lightspeed Venture Partners. This brought total funding to $295.75 million across eight rounds.
Oct 2021Series DION Crossover Partners (lead)$20M$1.4BAt-Bay is a cyber insurance company founded in 2016 that combines insurance policies with cybersecurity capabilities to actively reduce customer risk. The company uses a proprietary automated underwriting platform and active cyber risk monitoring to identify vulnerabilities and provide continuous monitoring throughout the insurance policy lifecycle. At-Bay's approach results in ransomware claims frequency seven times lower than the industry average. On October 13, 2021, At-Bay closed a $20 million Series D extension led by new investor ION Crossover Partners, bringing the total Series D round to $205 million at a post-money valuation of $1.35 billion. The broader Series D began in July 2021 at $185 million and included co-lead investors Icon Ventures and Lightspeed Venture Partners, alongside existing investors Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital. In Q2 2021, At-Bay surpassed $160 million in annual recurring premium with 800% year-over-year premium growth, demonstrating strong market traction among small and medium-sized businesses (SMBs). The company had raised $292 million total as of the October 2021 announcement and employed 120 people across offices in San Francisco, New York, Atlanta, and a 50-person R&D center in Israel.
Jul 2021Series DIcon Ventures (lead); Lightspeed Venture Partners (lead); Acrew Capital; Shlomo Kramer; Khosla Ventures; M12; Munich Re Ventures; Qumra Capital; Glilot Capital Partners$185M$1.4BAt-Bay is a cyber insurance startup founded in 2016 that provides cyber insurance to organizations while developing proprietary cybersecurity technologies to assess and mitigate risks. In July 2021, the company raised $185 million in a Series D funding round led by Icon Ventures and Lightspeed Venture Partners, with participation from Khosla Ventures, Glilot Capital Partners (or Glilot Plus), M12, Munich Re Ventures (HSB Fund), Qumra Capital, Acrew Capital, and Shlomo Kramer, achieving a post-money valuation of $1.35 billion. At the time of the funding announcement, At-Bay reported surpassing $160 million in annual recurring revenue (ARR), driven by 800% year-over-year premium growth, demonstrating strong traction in the insurtech sector focused on cyber risks. This positioned At-Bay as a unicorn in the competitive cyber insurance market, emphasizing active risk management over traditional policies. The round brought At-Bay's total funding to around $276 million by later reports, with the company continuing operations across the US and Israel, maintaining a San Francisco headquarters. Subsequent developments included a $20 million extension to the Series D with ION Crossover Partners, bringing it to $205 million, and total funding reaching $292 million. In recent years, At-Bay pursued profitability, including layoffs of 25 R&D staff in Israel in 2026 amid a shift toward operating profits, while retaining its $1.35 billion valuation reference from 2021.
Dec 2020Series CQumra Capital (lead); Acrew Capital; Shlomo Kramer; Khosla Ventures; Lightspeed Venture Partners; M12; Munich Re Ventures$34M-At-Bay is an insurance company for the digital age, specializing in cyber insurance and tech E&O coverage, using data-driven approaches to assess and mitigate cyber risks for businesses. It announced the closing of a $34 million Series C funding round on December 8, 2020, led by Qumra Capital, with participation from M12 (Microsoft’s venture fund), Acrew Capital, Khosla Ventures, Lightspeed Venture Partners, Munich Re Ventures, and Shlomo Kramer. This round brought At-Bay's total funding in 2020 to $74 million, following a Series B in March 2020, and $91 million since its founding in 2016. The Series C highlighted At-Bay's rapid growth, with topline metrics—including premiums, total number of insureds, and total liabilities—growing 600% over the past 12 months. The company tripled its team size and expanded regionally to New York, Atlanta, Chicago, Portland, Los Angeles, and Dallas, while maintaining claims frequency less than half the industry average. At-Bay plans to use the funds for new products and digital partnerships in 2021. The company positions itself among insurtech disruptors like Lemonade, Root, and Hippo, targeting specialty insurance with digital-first offerings.
Feb 2020Series BAcrew Capital (lead); Munich Re Ventures (lead); Shlomo Kramer; Khosla Ventures; Lightspeed Venture Partners$34M-At-Bay is a cyber insurance company founded in 2016 that helps businesses manage risks associated with cyberattacks, cyber extortion, operational interruptions, and liability from data breaches. The company operates as a Managing General Underwriter (MGU), underwriting policies through HSB Specialty Insurance Company (part of Munich Re, rated A++ by A.M. Best), establishing partnerships that date to the company's 2017 launch. At-Bay's platform provides automated underwriting capabilities allowing businesses to obtain instant cyber insurance quotes while leveraging world-class technology combined with insurance expertise. The Series B round closed in March 2020 with $34 million raised and was co-led by Acrew Capital and Munich Re Ventures, with participation from Khosla Ventures, Lightspeed Venture Partners, and entrepreneur Shlomo Kramer. The company's investors included M12 (Microsoft's venture fund) from the end of the Series B round onward. By December 2020, following this Series B, At-Bay had raised a total of $91 million across all rounds since founding, and the company demonstrated exceptional growth with premium, total insureds, and total liabilities all increasing 600% over the 12-month period from the Series B to Series C closing. The company expanded its regional presence to New York, Atlanta, Chicago, Portland, Los Angeles, and Dallas while tripling its team size, and maintained a claims frequency less than half the industry average—demonstrating both growth and operational excellence in the competitive cyber insurance market.
May 2018Series AKeith Rabois (lead); Yoni Cheifetz (lead); Shlomo Kramer; Cerca Partners$13M--
Nov 2017SeedLightspeed Venture Partners (lead); LocalGlobe; Shlomo Kramer$6M-At-Bay raised $6 million in a seed funding round on approximately November 17, 2017, led by Lightspeed Venture Partners with participation from LocalGlobe and Shlomo Kramer. The company launched out of stealth mode with this funding to develop its cyber risk insurance model. At-Bay provides active cyber insurance, monitoring clients' systems for vulnerabilities and offering insights to reduce risk throughout the policy term.

Who has invested in At-Bay?

15 investors have backed At-Bay across its funding rounds, including Shlomo Kramer, Lightspeed Venture Partners, Khosla Ventures, Acrew Capital, Munich Re Ventures and M12.

Lead investors include ION Crossover Partners, Icon Ventures, Lightspeed Venture Partners, Qumra Capital, Acrew Capital and 3 other investors.


At-Bay Investors

Investors in At-Bay by funding rounds participated
InvestorHQRoundsRoleFirst check
Shlomo KramerIsraelTel Aviv5ParticipantNov 2017
Lightspeed Venture PartnersUnited StatesSan Francisco, CA4LeadNov 2017
Acrew CapitalUnited StatesSan Francisco, CA3LeadFeb 2020
Khosla VenturesUnited StatesSan Francisco, CA3ParticipantFeb 2020
Munich Re VenturesUnited StatesSan Francisco, CA3LeadFeb 2020
M12United StatesUnited States2ParticipantDec 2020
Qumra CapitalIsraelTel Aviv2LeadDec 2020
ION Crossover PartnersIsraelHerzliya1LeadOct 2021
LocalGlobeUnited KingdomLondon1ParticipantNov 2017
Yoni CheifetzIsraelTel Aviv1LeadMay 2018
Icon VenturesUnited StatesSan Francisco, CA1LeadJul 2021
Keith RaboisUnited StatesUnited States1LeadMay 2018
Glilot Capital PartnersIsraelHerzliya1ParticipantJul 2021

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Acquisitions by At-Bay

At-Bay has acquired 1 company to date.

Last acquisition by At-Bay was on August 22nd 2022. At-Bay acquired Relay Platform for undisclosed valuation.


Latest Acquisitions by At-Bay

Relay Platform
Description
Relay Platform is a San Francisco-based insurtech company offering a comparative rating solution for property and casualty insurance brokers. The platform enables single-entry quoting across multiple carriers for all P&C lines via API and email, handling complex risks to boost close and renewal rates. It integrates with major carriers and supports instant quoting for personal and commercial lines. Launched to streamline broker workflows, Relay Platform serves independent agencies nationwide through its cloud-based system.
HQ CountryCanada
HQ City
Toronto
Deal Date22 Aug 2022
Valuationundisclosed
EV/Revenue
EV/EBITDA

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At-Bay Competitors

At-Bay competitors include listed companies like Beijing VRV Software and Baudroie, and private ones like Resilience Cyber Risk Solution, Hawk, Shift5 and Bitdefender.

Public and private companies comparable to At-Bay
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Resilience Cyber Risk SolutionUnited StatesNew York City, NYPrivate--$650M-
HawkGermanyMunichPrivate--$560M-
Shift5United StatesUnited StatesPrivate--$591M-
Beijing VRV SoftwareChinaChinaPublicly listed$46M($44M)$595M-
BaudroieJapanJapanPublicly listed$112M$24M$595M4.3x
BitdefenderRomaniaBucharestPrivate--$600M-

At-Bay Public Comps

At-Bay is no longer listed, but its public comps include Sabre Insurance Group, Investors Title, Beijing VRV Software, Baudroie, Hapvida, Sansec, SanlamAllianz Maroc, eMudhra, Global Security Experts and Hunan Kylinsec Tech.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sabre Insurance Group$270M$69M1.9x1.7x7.3x-
Investors Title$273M$49M2.0x-11.2x-
Beijing VRV Software$46M($44M)13.1x-(13.6x)-
Baudroie$112M$24M5.2x4.3x24.7x21.0x
Hapvida$6.1B$787M0.3x0.3x2.7x4.0x
Sansec$83M($2M)6.1x5.4x(310.1x)(388.8x)
SanlamAllianz Maroc$837M$166M0.6x0.6x2.9x-
eMudhra$73M$18M7.3x6.6x30.1x27.4x

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Common questions about At-Bay

When was At-Bay founded?At-Bay was founded in 2016.
Where is At-Bay headquartered?At-Bay is headquartered in San Francisco, CA, United States.
Is At-Bay publicly listed?No, At-Bay was acquired by Munich Re in August 2026.
Who acquired At-Bay?At-Bay was acquired by Munich Re in August 2026.
How much was At-Bay acquired for?At-Bay was acquired for $575M in August 2026.
What is At-Bay's valuation?At-Bay was last valued at $1.4B in its Series D in October 2021.
How much funding has At-Bay raised?At-Bay has raised $296M across 7 funding rounds.
What was At-Bay's last funding round?At-Bay's last funding round was a $4M seed round in September 2022.
Who are At-Bay's investors?At-Bay's investors include Shlomo Kramer, Lightspeed Venture Partners, Acrew Capital, Khosla Ventures, Munich Re Ventures, M12, Qumra Capital, ION Crossover Partners, LocalGlobe, Yoni Cheifetz and 5 others.
What is At-Bay's revenue?At-Bay's latest recorded revenue is $160M (October 2021).
What is At-Bay's revenue multiple?At-Bay's latest valuation implies a 8.4x revenue multiple ($1.4B valuation on $160M of revenue).
Which companies are comparable to At-Bay?Companies comparable to At-Bay include Resilience Cyber Risk Solution, Hawk, Shift5, Beijing VRV Software, Baudroie and Bitdefender.
How many companies has At-Bay acquired?At-Bay has acquired 1 company, including Relay Platform.

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