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§ Private Profile · 580 5th Ave Ste 820, New York City, New York, 10036, United States
Cyber insurance MGA providing integrated cyber insurance and cybersecurity software for small and midsize businesses, focused on risk reduction.
Based in New York City, Elpha Secure operates as a managing general agent that provides cyber insurance policies bundled with proprietary cybersecurity software for small and midsize businesses. The platform embeds risk-reduction tools such as encrypted backups, multi-factor authentication, and machine learning anomaly detection directly into its coverage plans to help clients qualify for policies. The company underwrites its insurance products through strategic partnerships with A-rated carriers like AXIS Capital and Everest, while securing financial backing from prominent investors including Canapi Ventures, Stone Point Ventures, and State Farm Ventures. Operating with a workforce of approximately 30 employees, the enterprise generates an estimated $28 million in revenue and recently raised $20 million in Series A funding to expand its broker network. Elpha Secure was founded in 2018 by Gordon Malin and Preetam Dutta.
Elpha Secure has raised $20.0M across 1 funding round.
Elpha Secure has raised $20.0M in total across 1 funding round.
Elpha Secure is a technology company that operates as a cyber insurance Managing General Agent (MGA) focused on small and midsize businesses (SMBs). It uniquely combines proprietary cybersecurity software with comprehensive cyber insurance coverage to provide a holistic cyber defense solution. The company’s product, called Elphaware, offers real-time monitoring, endpoint detection and response (EDR), multi-factor authentication, backups, and expert support to reduce cyber risk and prevent claims from threats like ransomware and insider attacks. This integrated approach helps SMBs improve their security posture while qualifying for affordable cyber insurance, addressing a critical gap in the market where smaller businesses face sophisticated cyber threats but lack access to enterprise-grade protection[1][2][3][4].
Founded in 2018 and headquartered in New York City, Elpha Secure emerged from the recognition that small businesses were underserved in cybersecurity and cyber insurance. The founders, with backgrounds in cybersecurity and insurance, sought to create a product that would make cyber protection accessible and effective for SMBs, who face the same cyber risks as large corporations but often cannot afford or implement complex security solutions. Early traction came from combining insurance underwriting expertise with advanced security software, enabling a seamless product that simplifies cyber risk management. The company has since evolved by integrating new cyber risk analytics tools and expanding its software capabilities to stay ahead of emerging threats[2][5].
Elpha Secure rides the growing trend of converging cybersecurity and insurance to address escalating cyber risks, especially for SMBs that are increasingly targeted by sophisticated attacks but lack robust defenses. The timing is critical as cybercrime surges and regulatory pressures increase, making cyber insurance a necessity rather than a luxury. Market forces such as the rise of AI-driven attacks and ransomware amplify the need for integrated solutions that combine prevention, detection, and financial protection. By innovating the cyber insurance model with embedded security software, Elpha Secure influences the broader ecosystem by setting new standards for risk management and encouraging wider adoption of proactive cyber defense among smaller businesses[1][2][4][5].
Looking ahead, Elpha Secure is positioned to expand its market share by enhancing its software capabilities and deepening partnerships with insurers and cybersecurity analytics firms. Trends shaping its journey include the increasing sophistication of cyber threats, regulatory demands for better cyber hygiene, and growing awareness among SMBs of cyber risk. The company’s influence may evolve as it pioneers a more integrated approach to cyber risk management, potentially becoming a benchmark for how cyber insurance products are designed and delivered. Continued innovation in real-time threat intelligence and automation will be key to maintaining its competitive edge and supporting SMBs in an ever-changing threat landscape[1][2][5].
Elpha Secure has raised $20.0M across 1 funding round. Most recently, it raised $20.0M Series A in October 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 1, 2022 | $20M Series A | — | Antler, Ballistic Ventures, Conversion Capital, Founders Fund, General Atlantic, Greylock, Maveron, Nyca Partners, Verified Capital, Y Combinator, Kris Duggan, Linda Ventresca, EOS Venture Partners, Fermat Capital Management, State Farm Ventures, Stone Point Ventures, The Hartford Stag Ventures | Announced |
Elpha Secure has raised $20.0M in total across 1 funding round.
Elpha Secure's investors include Antler, Ballistic Ventures, Conversion Capital, Founders Fund, General Atlantic, Greylock, Maveron, Nyca Partners, Verified Capital, Y Combinator, Kris Duggan, Linda Ventresca.