At-Bay, a cyber insurance company known for its innovative combination of insurance policies with cybersecurity capabilities, is laying off 27 employees, constituting nearly 10% of its total workforce of 305 people. This move comes despite the company’s success and a valuation of $1.35 billion after raising $205 million in a Series D funding round in 2021.
At-Bay’s unique approach to cyber insurance allows it to actively reduce risk levels for its customers. The company’s investors include ION Crossover Partners, Icon Ventures, Lightspeed Venture Partners, Khosla Ventures, M12, Acrew Capital, Qumra Capital, Munich Re Ventures’ HSB fund, entrepreneur Shlomo Kramer, and Glilot Capital.
The layoffs primarily affect support positions, such as recruitment, with the company offering compensation packages to the affected employees and assisting them in finding new job opportunities. At-Bay emphasizes that it is financially strong and intends to continue growing in the years ahead.
The decision to downsize the workforce is part of a series of structural and operational changes aimed at ensuring the company’s success and sustainability.
