The San Francisco-based company hired former Indigo executive as new CFO soon after raising $250 million in a Series F funding round
Doug Ireland, Coalition’s head of finance, was previously in charge of the finance team and will now report to Mr. Young, the company said.
The creation of the CFO position comes as the company focuses on launching operations in continental Europe and the Oceania region, Chief Executive Joshua Motta said. Coalition, founded in 2017, operates in the US and Canada and expects to begin offering its services in the UK in September. The company also wants to continue developing both new offerings and expansions of existing services, he said.
Mr. Young said he plans to boost head count and prepare for the company’s expansion abroad. “It’s both developing the talent we have and recruiting talent that you’d expect at a really sophisticated company, private or public,” Mr. Young said.
The company employs about 600 workers, up from nearly 300 a year ago, and plans for head count to total roughly 700 by the end of this year, Mr. Motta said.
Mr. Motta said the company has no current plans to go public and is on track to be cash flow positive for the year. The company said it serves 160,000 customers, a mix of businesses and nonprofits.
Coalition has raised more than $755 million in funds, including the $250 million round in July led by Allianz X, an investment subsidiary of German financial-services giant Allianz SE,
and investment firms Valor Equity Partners and Kinetic Partners Management LP. The most recent round valued the company at roughly $5 billion.
The timing of an IPO, if the company pursues one, shouldn’t interfere with its long-term goals of expansion and growth, said Nazim Cetin, chief executive at Allianz X. “The most important thing is to really stay on their trajectory and continue innovating,” Mr. Cetin said, declining to disclose the amount Allianz invested in the July round.
Coalition said its revenue nearly tripled in the 12 months through June and reached an annual run rate of more than $775 million in gross written premiums.
Mr. Young said his experience at firms such as Broadridge and Indigo will help him navigate international expansion and, if Coalition were to eventually go public, generate shareholder returns.
“Those businesses are a good training ground for thinking about how to scale a business and what the movie looks like at the end,” Mr. Young said.
The Coalition also recently named John Littzi as its first general counsel. Mr. Littzi most recently served as deputy general counsel at WR Berkley Corp.
Write to Mark Maurer at [email protected]
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