Zurich Insurance Group announced its acquisition of BOXX Insurance Inc., a Toronto-based cyber insurance and risk management insurtech, to strengthen its global cyber protection offering for retail and SME customers.
BOXX will join Zurich Global Ventures (ZGV), supporting ZGV’s strategy to grow its cyber insurance solutions and expand its portfolio of digital-first, value-added services.
BOXX will continue to operate independently under its brand while benefiting from integration with Zurich’s resources to deliver prevention, protection, and recovery solutions for both retail and B2B2E segments.
Founded in 2018, BOXX has grown to serve nearly one mn customers across five continents. The company was recognized as Insurtech of the Year by Insurance Business Canada in November 2024 and has become an important provider of cyber protection in underserved markets.
BOXX doesn’t just help INSURE businesses and individuals against cyber liability; we offer complete protection against cyber risk. Our mission is to provide the most effective combination of cyber threat prediction, prevention and cyber insurance coverage for small businesses and homes.
Funding History & Investors
- Series A – Sept 2021
- Raised a total of $10 mn (C$12.7 mn), jointly led by Zurich Global Ventures, Cyber Mentor Fund, and SixThirty Ventures.
- This round supported team expansion, international footprint growth into Canada and select European/Latin American markets
- Series B – Jan 2023
- Raised an additional $14.4 mn, again led by Zurich.
- Combined with prior funding, BOXX had raised $24.5 mn in 16 months.
Zurich and BOXX have collaborated since 2021. Cara Morton, CEO of Zurich Global Ventures, said this acquisition strengthens that partnership, noting that BOXX’s digital-first, service-led approach aligns with Zurich’s focus on integrated solutions that improve customer engagement.
BOXX’s digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people’s everyday life easier.
Cara Morton, CEO of Zurich Global Ventures
Vishal Kundi, CEO and Co-Founder of BOXX, stated that becoming part of Zurich gives BOXX access to the resources and global reach needed to advance its mission and extend protection to more customers in the digital environment.
Becoming part of Zurich provides us with the resources and global reach to accelerate our mission. Combining the strengths of both organizations will enable us to provide even more customers with the protection they need to navigate the digital world with confidence.
Vishal Kundi, CEO and Co-Founder of BOXX
This acquisition reflects Zurich’s ongoing investment in next-generation insurance capabilities and its commitment to supporting individuals and businesses in managing increasing digital risks.
