Montreal-based cyber insurtech Inscora has raised $2 mn CAD in pre-seed funding led by Luge Capital, with participation from Desjardins Capital, Accelia Capital, Inovia Capital and angel investors from the cybersecurity industry.
Startup providing automated cyber risk assessment and sales enablement solutions for cyber insurance brokers.
Gabriel Tremblay is a repeat cybersecurity entrepreneur: before Inscora, he launched and led Montréal-based, venture-backed Delve—which used artificial intelligence to reprioritize the remediation of software vulnerabilities—until its sale to Dell-owned American cybersecurity firm Secureworks in 2020 for an undisclosed amount.
Inscora’s platform offers insurance brokers a next-gen cyber insurance brokerage tool. This enables them to accurately assess a company’s cyber risk, support clients in adopting cybersecurity best practices, and speed up the cyber insurance application process.
The result includes increased customer value, better risk-adjusted premiums, and higher sales conversions.
We’ve spent our careers developing products to protect organizations against cyber attacks. Inscora allows us to use this expertise in cyber insurance, improving both brokers’ efficiency and clients’ security
“We’ve seen how complex purchasing cyber insurance can be and the lack of tools for insurers to guide clients in implementing stronger security measures. Inscora addresses these issues, supporting the evolving cyber insurance industry,” said David Nault, General Partner at Luge Capital.
The funds from this round will develop Inscora’s platform, expand the team, and launch the product in Canada and the U.S. Inscora is working with select insurance industry players in an early trial program.
During their time at Delve, Tremblay said that he and Oriol developed some expertise with cyber risk assessments. The pair stayed at Secureworks for two-and-a-half years post-acquisition before returning to the startup world to launch Inscora.
This cybersecurity background helped convince Luge to invest in Inscora. As an investment firm focused on FinTech and insurtech, we are looking forward to supporting them in the insurance industry.
Tremblay said Inscora began developing its product two years ago, speaking with over 100 cyber brokers since then to ensure it will meet the industry’s needs.
He said the insurtech startup now has a functional version of its offering, which it is currently working with undisclosed insurance industry partners to refine.
The founders at Inscora have an innovative take on helping facilitate the sales and underwriting of cyber insurance, a market that has been growing fast amidst heightened cyber threats and increasing number of cyber incidents.
Their approach not only helps brokers and insurers with distribution and underwriting, but also helps end clients better protect themselves and improve their cyber postures.
