FifthWall Solutions (FifthWall), a leader in cyber insurance innovation, proudly announced today the initial closing of $5 million in Series A funding. This investment will fuel accelerated product development, market expansion, and continued innovation in cyber insurance.
In conjunction with this milestone, FifthWall is excited to announce the appointment of Cole Knuth as Chief Executive Officer and Gene Stevens as Chief Technology Officer. These strategic hires are poised to drive the next phase of growth and technological advancement for the company.
Doug Wright, who has served as CEO since October 2015, will transition to Chairman of the Board. Under his leadership, FifthWall Solutions doubled its staff and established itself as a key player in the cyber insurance industry. Doug was pivotal in recruiting Reid Wellock in 2017 and subsequently elevating him to President in 2020. Additionally, Doug played a key role in bringing Wes Spencer on board as Vice President, Channel Chief.
“Leading FifthWall has been a deeply rewarding journey. We’ve achieved significant growth, and I am proud of our team’s accomplishments,” said Wright. “With Cole Knuth joining us as CEO and Gene Stevens bringing his extensive expertise in technology as CTO, FifthWall is well-positioned for future success, and I am excited to continue supporting FifthWall in my new role as Chairman.”
Cole Knuth brings extensive experience in scaling technology companies and driving strategic growth. Over seven years at Pax8, the leading cloud commerce marketplace, he held several key roles, including Chief Revenue Officer, Corporate Vice President of Commerce, and most recently, Corporate Vice President of Strategy. In those roles, Knuth spearheaded the company’s global growth, particularly in the EMEA and APAC regions, through two acquisitions as well as substantial partnerships with Formula 1 Williams Racing and Saracens Rugby. Under his leadership, Pax8 also delivered a remarkable $135 million increase in annualized top-line revenue during 2021-22.
“I am incredibly excited to join FifthWall at such a pivotal moment. Our mission is to disrupt the cyber insurance landscape with innovative solutions that redefine how organizations protect themselves,” said Knuth. “Together with Gene Stevens, a visionary in technology, this new funding will enable us to accelerate our technology advancements and expand our reach in the cyber insurance landscape.”
Gene Stevens joins FifthWall as CTO with a distinguished background in technology, innovation, and cyber insurance. As the co-founder of ProtectWise alongside Scott Chasin, who today is the current CEO of Pax8, Stevens played a crucial role in establishing the company as a leading network security provider. As the former CTO of ProtectWise, he guided the company through its acquisition by Verizon, where he subsequently served as Head of Product Innovation. At Verizon, his leadership drove pioneering advancements in quantum computing, AI, and advanced security solutions. Stevens’ extensive experience also includes significant contributions to cloud computing, immersive technologies, and cyber insurance.
“Joining FifthWall is an exciting opportunity to shape the future of cyber insurance. I’m eager to bring my experience in building and scaling innovative technologies to support FifthWall’s mission. Together, we’ll focus on advancing technology to meet the evolving needs of our clients,” Stevens stated.
“Cole and Gene are proven leaders who understand the cybersecurity landscape and the increasing risks on businesses,” said Scott Chasin, CEO at Pax8. “Cyber insurance represents a massive opportunity as threat actors become more advanced. With Cole and Gene leading the company, FifthWall is well-positioned to disrupt the market by helping businesses adopt their advanced solutions, further strengthening their security posture.”
In addition to the leadership changes, FifthWall is pleased to announce the appointment of Richard Garman and David Walsh to its board of directors.
Richard Garman, Founding Partner Emeritus at FTV Capital, brings over 35 years of experience in financial technology and services. His leadership in enterprise technology investments and his previous role as president and CEO of Electronic Payment Services, Inc. will provide valuable strategic insights for FifthWall.
David Walsh is an accomplished entrepreneur and investor with a notable history of building and scaling technology companies. He is currently on the board of Pax8 and has served in leadership roles across various successful ventures in fintech and SaaS. Walsh’s deep capital markets knowledge and operational expertise will support FifthWall’s strategic initiatives.
About FifthWall Solutions
FifthWall Solutions, a leading cyber insurance wholesaler and consulting firm with direct access to 50+ carriers, partners with MSPs to help their clients better navigate the cyber insurance process, understand evolving risks, and improve their security stack.