French cyber insurance leader Stoïk announced a €25 million Series B funding round led by Alven with participation from existing investors: Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, and Anthemis.
Stoïk also announced the addition of Cyber Integrity Capital (CYBICA) and Tokio Marine HCC International (TMHCCI), a leading specialty insurance group and a member of the Tokio Marine HCC (TMHCC) group of companies based in Houston, Texas, as a new investor. Stoïk previously partnered with TMHCCI as one of its risk carriers for over a year. Last month, Stoïk announced the expansion of this partnership, increasing its capacity to insure companies with turnovers of up to €750 million, and coverage limits reaching €7.5 million.
With this new financing round, Stoïk aims to further solidify its position as a key player in the cyber insurance space for European SMEs. Its immediate focus will be on scaling the distribution of its managed EDR (Endpoint Detection & Response) product, Stoïk MDR, through partner brokers. The company also plans to further expand its European footprint, building on its success in Germany and recent office openings in Austria and Monaco.
Additionally, Stoïk is enhancing its cyber insurance offerings by introducing adjacent coverages such as Professional Indemnity for specific industry verticals. To support this growth, Stoïk is bolstering its team with a focus on technical talent. Key hires include a Group Head of Underwriting and additional cybersecurity and developer roles to drive innovation and strengthen its product suite.
“Through this financing, our past investors are showing us the extent of their trust in the development and the longevity of Stoïk, and I would like to thank them for this. The investment of one of our major partners, Tokio Marine HCC International, only strengthens this feeling of trust. We are going to speed up our expansion thanks to this 25 million euros Series B, and we are going to expand our products and keep growing in France, Germany, and everywhere in Europe,” commented Jules Veyrat, CEO and Co-founder of Stoïk
In just three years, Stoïk has made a name for itself in the insurance market by focusing on a clear mission: strengthening the European economy against the growing threat of cyber attacks. The company offers a cyber insurance product tailored to the specific risk profiles of SMEs, combined with its prevention platform, Stoïk Protect, and an in-house incident response team, Stoïk-CERT.
Last April, Stoïk expanded its offering by launching Stoïk MDR, a managed cybersecurity service that complements its insurance product, giving SMEs access to the security of a managed SOC without the high costs of staff and tools.
This comprehensive approach to cyber risk has attracted over 1,000 insurance brokers across France, Germany, and Austria. By the end of 2024, Stoïk is on track to have 5,000 policyholders, €25 million in premiums, and strong underwriting profitability. Stoïk’s European expansion has been swift, with notable success in Germany, where its recently opened Cologne office has already generated several million euros in premiums through more than 100 local brokers.
Leveraging the power of digital technology and partner expertise, Stoïk provides brokers in France, Germany, and Austria with an innovative platform to generate quotes in minutes, offer continuous risk prevention, and deliver fast assistance and compensation in case of a claim.
“Stoïk has gained popularity with insurance brokers and distributors in record time. We are impressed by the innovative vision of its leaders, their excellence in execution, as well as the exceptional growth of the company. We are delighted to continue supporting them on this adventure,” added Seema Amble, Partner at Andreessen Horowitz.
“Ever since our first investment, Jules and his team have managed to make their project grow at an impressive rate, thereby attracting the best talents. We look forward to seeing them strengthen their position in the market with this new financing,” commented Thomas Cuvelier, Partner at Alven.
“Stoïk’s innovative approach towards cyber risk is bearing fruit, with the company excelling at managing cyber risks proactively rather than reactively on behalf of their European SME customers. We are pleased to support Stoïk and firmly believe they are well-positioned to become one of the major cyber insurance players in Europe,” added Ben Bergsma, Principal at Munich Re Ventures.
Read the orginal article: https://www.eu-startups.com/2024/10/paris-based-stoik-raises-e25-million-series-b-to-expand-its-cyber-insurance-platform-in-europe/
