At-Bay is an insurtech company that combines cyber insurance with security services, including MDR and threat detection. It serves businesses with insurance and cyber risk management products.
Access to pre-IPO shares is available to accredited investors through UpMarket.
At-Bay shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
Confirm eligibility under SEC Rule 501 of Regulation D. Income or net worth threshold applies.
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Full offering memoranda and risk disclosures provided before any commitment is required.
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Wire transfer or ACH. $50K minimum. Funds held in custodial account until close.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
| Date | Round | PPS (split-adj.) | Valuation |
|---|---|---|---|
| 2021 | Series D | ||
| 2019 | Series C | ||
| 2018 | Series B | ||
| 2017 | Series A | ||
| 2016 | Seed |
At-Bay raised $185 million in Series E funding, and the round valued the cyber insurance startup at $3 billion. The company said the capital would support growth as it expands its AI-powered insurance and security platform.
At-Bay positions itself as a combined cyber insurance and security platform, not just a carrier, which can deepen customer stickiness. Industry research notes moats are strengthened by pricing power, scale, and recurring revenue from services that are harder for rivals to copy.
Private companies are staying private longer and scaling to larger operating milestones before IPO, which extends the addressable market for risk products like cyber insurance. VanEck says this trend is driven by regulatory, administrative, and capital-formation factors.
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No. As of March 2026, At-Bay is a private company and does not trade on any public stock exchange. Accredited investors can access At-Bay shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
At-Bay does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.
Yes. Accredited investors can indicate interest in At-Bay shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered alternative investments since 2019.
Pre-IPO investments carry significant risks. At-Bay shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.
In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.
There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.
The minimum investment for most pre-IPO offerings on UpMarket is $50,000. This amount may vary depending on the specific offering and share availability. There are no fees to create an UpMarket account or browse available investments. Investors only pay transaction-related fees when they complete an investment.
UpMarket's valuation estimate of is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.
At-Bay provides cyber insurance and security services, including MDR and threat detection, and generated $155M in 2024 revenue, while a $185M Series E lifted its valuation to $3B — accredited investors can access At-Bay stock through UpMarket.