Stoïk, which offers cybersecurity-focused insurance products, has secured a €25 million (approximately $27 million) investment in its Series B funding round. This investment round, led by Alven, saw participation from existing investors including Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, and Anthemis. Additionally, new investors Cyber Integrity Capital (CYBICA) and Tokio Marine HCC International (TMHCCI) also joined the round.
It is worth noting that Stoïk received an investment of $10.7 million in September 2023, led by Munich Re Ventures, with participation from Opera Tech Ventures, Andreessen Horowitz, and Alven.
Scope of the Initiative
Businesses insured by Stoïk receive coverage in the event of a cybersecurity-related claim. If a company has to halt production due to a cybersecurity issue, Stoïk can compensate for the loss of income during that period.
When customers sign up with Stoïk, they gain an overview of their exposure to cyber risks. The initiative monitors DNS records and scans online databases for password leaks associated with the domain. Stoïk can also conduct internal scans to suggest changes in cloud and Active Directory configurations.
Stoïk currently covers companies with an annual revenue of €750 million or less, offering a coverage limit of €7.5 million. The initiative operates primarily in France, Germany, and Austria.
Stoïk is positioned as a Managing General Agent (MGA). In this regard, the initiative collaborates with insurance and reinsurance companies to manage risks. In short, Stoïk is able to set its own prices, products, and policies while transferring risk to larger insurance companies. For example, Stoïk previously partnered with TMHCCI as a risk carrier for over a year.
Key Statistics of the Initiative
Stoïk works with third-party insurance brokers that already have relationships with SMEs to sell its insurance products. It has managed to collaborate with over a thousand insurance brokers to date.
According to shared information, Stoïk is expected to have 5,000 policies by the end of 2024, equivalent to €25 million in premium. The initiative plans to increase its customer base and aims to enter a new country every year starting in early 2025.
According to Stoïk’s CEO and Co-Founder Jules Veyrat, this investment will accelerate the company’s expansion and allow it to continue growing in France, Germany, and across Europe.
Source
Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
