Exclusive: Cyber insurtech MGA Converge looking to raise up to $30 million in Series B funding, sources say

Converge Targets $30 Million in Series B Funding

Converge, a player in the cyber insurance sector, is looking to secure up to $30 million in Series B funding, according to sources cited by Cyber Risk Insurer. This funding round aims to demonstrate market interest in the cyber managing general agents (MGAs) space, which some industry insiders perceive as being increasingly saturated.

Understanding the Funding Landscape

The potential funding comes at a time when many investors are evaluating the market dynamics surrounding cyber MGAs. With a growing number of entrants in this niche, Converge's ability to attract investors will be telling of the broader appetite for capital in this area. The $30 million target suggests a significant commitment to scaling operations or enhancing product offerings.

Implications for the Cyber Insurance Market

Should the funding be successfully raised, it could enable Converge to expand its service capabilities, invest in technology, or pursue strategic partnerships. Additionally, this funding round may influence investor sentiment across the industry, particularly for new startups that are eyeing a piece of the cyber insurance pie.

While this news might raise eyebrows about market competition among cyber MGAs, it's also a reminder of the critical need for innovation and adaptability in the field. Given the increasing frequency of cyber threats, insurers must evolve to meet the demands of businesses looking for robust solutions.

What’s Next for Converge?

As Converge works on this funding round, the insurance community will be watching closely to see how it plays out. This move could mark a pivotal moment for the company and the broader cyber insurance market, particularly in understanding investor willingness to engage in an area viewed by some as crowded.

Original Source: https://www.theinsurer.com/cyber-risk/news/exclusive-cyber-insurtech-mga-converge-looking-to-raise-up-to-30-million-in-2025-07-29/