Stoïk, a cyber InsurTech for small to medium-sized enterprises (SMEs), has raised €11m in Series A funding.
The round was led by a16z, alongside angels Henri De Castries (former CEO of AXA) and Julian Teicke (CEO of wefox) and existing investors Alven and Anthemis Group.
Founded in 2021, Stoïk combines internal and external cyber insurance and risk monitoring tools to serve the European market through a network of broker partners.
The company provides a 100% digital broker platform designed to facilitate the sale of cyber insurance. To date, the company has hundreds of active brokers and plans to serve thousands of customers over the next year.
The cyber InsurTech highlighted that there is a “massive opportunity” in Europe in this space, with 8% of medium sized companies and less than 1% of SMEs possessing cyber insurance coverage in 2020.
Jules Veyrat, CEO and co-founder of Stoïk, said, “We are proud to announce this new round table with a16z, which is a great sign of confidence in Stoïk’s model. This confirms our vision and our ambition: to create the best cybersecurity insurance for VSEs and SMEs at European level and to support brokers in the distribution of cyber insurance.
“The fundraising will allow us to support our growth and to recruit the best profiles in the insurance world to continue to develop our insurance expertise, mainly commercial profiles to meet the strong demand from our partner brokers. We will also expand our engineering teams to continue to develop the cyber security solutions that enable our policyholders to protect themselves against attacks.”
This round follows the company’s €3.8m raise in January this year, which was backed by Alven, Anthemis Group and Kima Ventures.
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