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Investments

23

Portfolio Exits

3

About NFP Ventures

NFP Venture (NFP Ventures) is a venture fund launched by NFP that focuses on strategic partnerships and investments in the emerging Insurtech, Fintech and HR Tech arenas. NFP Ventures' mission is to find, fund and work successfully with visionary executives, providing them with expertise to foster long-term success. Typically, NFP Ventures targets companies seeking Seed to Series B investment that can benefit from NFP's distribution, human capital and other unique assets to accelerate their growth.

NFP Ventures Headquarter Location

340 Madison Avenue 20th Floor

New York, New York, 10173,

United States

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Latest NFP Ventures News

Cyber Readiness Measurement Firm Axio Raises $23 Million

Aug 4, 2022

By Kevin Townsend on August 04, 2022 New York-based cyber readiness and risk management firm Axio has raised $23 million in a Series B funding round led by ISTARI, with participation from existing investors NFP Ventures and IA Capital Group. The funds will be used to enhance the company’s Axio360 platform and drive international expansion. Axio believes the threat is not the risk – the risk is the business impact of the threat. For most firms, the greater part of cybersecurity effort and budget is targeted at mitigating threats rather than managing risk. While mitigating threats is important, it alone is not true risk management; and is repeatedly demonstrated to be insufficient. True risk management can only come from an accurate quantification of the business impact caused by different threats. As a simple example, a DDoS attack is a threat, but the risk is the business impact; that is, the cost and effect of downtime caused by the DDoS attack. Axio360 is a SaaS platform that enumerates business impact costs caused by different threat events, tailored to each different customer, and delivered in a manner immediately understood by the business leadership. If the CEO asks the CISO how a particular threat might impact the business, a common response is that ‘we’ve checked most of the boxes and our heat maps are nine green, five yellow, and only three red’. That wasn’t the question asked. The right answer would be ‘this facility would be affected; it would be down for five days and would cost the business $n million’. By comparing the different impacts from different threats, the business can truly gauge where more effort is needed – either by increasing security budget or introducing new business processes to alleviate the real risk. Axio CEO Scott Kannry gave SecurityWeek a hypothetical example. “If this event happens to us, it’s going to cost us $15 million, or $25 million, or it’s going to cost us $500 million. But we provide more detail. Of the $500 million, $400 million is lost revenue due to system downtime and the remainder is due to forensics and legal costs and so forth.” With such information, true risk management becomes simpler. Faced with the risk of a $400 million downtime cost, investment in better system recoverability and redundancy could reduce the potential impact from $400 million to perhaps $40 million. Risk management is not always best served by simply buying more security products. Kannry uses the Colonial Pipeline attack as an illustration. Assuming the cause of the shutdown was the loss of its invoicing system, it’s a fair guess the company hadn’t realized the associated risk. Kannry’s argument is that if the company had been able to model the business impact of such an event, it would more likely have seen the need to increase redundancy and pipeline flow monitoring. In this instance, the preventive solution would have been improved processes rather than increased cybersecurity – and the Axio360 platform is designed to deliver the information necessary to measure the risk and implement solutions. Part of the new funding will be used to build threat intel feeds into the platform. It already understands the likely impact of different events, but will now be able to relate the impact cost to what’s happening in the cyber environment. As a result, the Axio360 platform will improve its ‘susceptibility’ measure for customers. It will be able to detail the business impact from a specific event but will also indicate the likelihood or probability of that event occurring. All of this is delivered by the platform in a continuous manner, allowing the customer to monitor the effect of its risk reduction activities. “The attack landscape has demonstrated that old, faith-based strategies that simply layer on controls without a clear understanding of what to prioritize have done little to reduce susceptibility,” he added. Bob Dudley, Axio board chairman and former CEO at BP, summarized, “Boards require deeper and continuous visibility into the state of organizational cyber readiness to ensure that investments and initiatives are properly aligned to broader risk reduction efforts.” The board is on the hook when a breach happens, but too often, oversight of corporate cyber risk gets lost in the technical details. Axio helps security and business leaders speak a common language centered on the financial impact of risk. The firm was founded in 2016 by David White, currently president of Axio. It raised $4.5 million in a Series A funding round closed in 2018. The Series B round brings the total raised to around $30 million.

NFP Ventures Investments

23 Investments

NFP Ventures has made 23 investments. Their latest investment was in Axio as part of their Series B on August 8, 2022.

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NFP Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/4/2022

Series B

Axio

$23M

No

5

3/9/2022

Series A

Vivante Health

$16M

No

8

1/27/2022

Series A

Ascend

$30M

Yes

23

10/5/2021

Unattributed VC

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$99M

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10

8/18/2021

Series A

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$99M

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10

Date

8/4/2022

3/9/2022

1/27/2022

10/5/2021

8/18/2021

Round

Series B

Series A

Series A

Unattributed VC

Series A

Company

Axio

Vivante Health

Ascend

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Amount

$23M

$16M

$30M

$99M

$99M

New?

No

No

Yes

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Co-Investors

Sources

5

8

23

10

10

NFP Ventures Portfolio Exits

3 Portfolio Exits

NFP Ventures has 3 portfolio exits. Their latest portfolio exit was Tomorrow on January 13, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/13/2022

Acquired

$99M

2

3/3/2021

Acquired

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$99M

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10

12/4/2019

Acquired

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$99M

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10

Date

1/13/2022

3/3/2021

12/4/2019

Exit

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

2

10

10

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