Trava Closes $3.5 Million Seed Round for Cyber Risk Platform

By James White Saturday, March 27, 2021

As consumers and businesses continue to rely on the internet and digital formats for their needs, the risk of cyberattacks, data breaches, and other malicious digital threats grows as well. Risk management is important and not only in the physical and financial sense. Startup business Trava recently secured $3.5 million from investors to help the company develop its cyber risk management platform.

“There's a data gap in the cyber insurance industry,” said Jim Goldman, co-founder and Chief Executive at the cybersecurity company. “Specifically, there's a lack of objective cyber risk analysis, which makes it nearly impossible for insurers to accurately predict loss, set premiums, and protect insureds. Trava exists to bridge that gap.”

Financing for the startup business was led by TDF Ventures. Trava was also backed by investments from High Alpha Capital and M25 in the funding round for the cyber risk startup company. The new capital from investors will be used to accelerate business development of the risk management and insurance platform built by the startup company.

A person using a laptop with 'Cyber Security' on the screen.

Cyber Risk Analysis and Integrated Coverage

Prior to launching Trava with co-founder and entrepreneur Rob Beeler in 2020, Goldman spent 30 years in the cybersecurity and risk management field. Goldman previously served as Vice President of Security Governance, Risk Management, and Compliance at cloud-based software company Salesforce. He was previously a Task Force Officer on National Security and Criminal Cyber Squads for the Federal Bureau of Investigation (FBI).

Trava aims to secure small businesses and mid-sized companies by offering integrated cyber risk management and insurance services. The cybersecurity startup business offers automated risk analysis, with scans covering everything from the dark web and the cloud to the internal network and external infrastructure. Users can schedule assessments and review the results with accessible, aggregated reports. Furthermore, the startup company offers mitigation consulting services with experts to help businesses prevent security breaches before they happen.

In addition to cybersecurity assessment services, Trava also sports integrated cyber insurance. Threats including cyber extortion, social engineering, business interruption, virus transmission, and liability implications can be covered under policies offered by the cybersecurity company. Policies span from $100,000 to $10 million in coverage. Trava claims that “a business falls victim to ransomware approximately every 14 seconds.”

“In only a few months since launch, Trava has demonstrated that they can provide a holistic cyber risk solution unlike any others I’ve seen in the market,” said TDF Ventures Principal Partner Matt Bressler. “We think this growth funding and our investment partners will enable them to scale quickly and continue developing cyber and insurance products that provide small- and medium-sized businesses unparalleled security and financial protection.”

Breaking Into the Cyber Insurance Industry

Market research predicts that the global cyber insurance market will reach $21.4 billion by 2025. Trava will likely find its company competing with other names in the insurance industry offering cybersecurity policies, such as Axa and The Travelers Companies, as it seeks to expand its platform and team.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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