Cyber InsurTech Stoïk bags €3.8m to push forward development

French firm Stoïk has raised €3.8m from a new funding round to help the company with its development efforts.

The round saw participation from Alven, Anthemis Group and Kima Ventures. There was also investment from angel investors such as Dashlane CEO Emmanuel Schalit, KKR co-founder Henry Kravis and Luko founder Raphaël Vullierme.

Stoïk was founded to help serve the SME industry in dealing will increasing threats from cyberattacks. During 2020, the first few months of the year had seen a 667% increase in phishing attacks while cybersecurity phishing, identity theft, insider threats, information leakage and ransomware were the top five increasing trends in 2020.

The company combines security software to deal with risks levels and an insurance offering to transfer residual risk to a third-party.

Stoïk is expected to use the money to aid ongoing development efforts with the ultimate goal of positioning the service as the most comprehensive offer on the cyber InsurTech market.

Stoïk CEO Jules Veryrat said, “In 2021, being the victim of a cyber attack is the most feared risk for French companies. Our mission at Stoïk is to offer a complete, effective and affordable cyber-insurance solution that allows managers to focus on their core business, thus freeing them from yet another mental burden.”

Alven partner Thomas Cuvelier added, “While cyber attacks are on the rise, only 5% of businesses in Europe are currently insured against these risks. The combined offer of insurance products and software protection seems to us to be an excellent response to the needs of SME managers, with a very significant market potential. This global and innovative offer and the vision of the co-founders convinced us to support them in their first fundraising.”

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