French startup, Stoïk, a rapidly-growing InsurTech company, has recently announced its plans to expand into Germany, marking it as their second operational country. The new German team will be led by Franziska Geier.
The company’s growth trajectory is backed by its recent fundraising of $10.7m (€10m), according to a report from TechCrunch. Munich Re Ventures, the venture arm of the insurance behemoth, spearheaded the investment round, closely followed by Opera Tech Ventures. Notably, existing investors Andreessen Horowitz and Alven showed their continued faith in Stoïk by increasing their investment stake.
Specialising in cyber insurance, Stoïk primarily targets SMEs. The vulnerability of smaller businesses to cyber threats, including ransomware attacks, is what drives Stoïk’s offerings. Their support includes an emergency hotline for customers grappling with cyber incidents. Furthermore, Stoïk can cushion the financial blow during such episodes, covering the loss of revenue or even providing third-party liability in the wake of data breach claims.
Apart from its core offerings, the company takes a proactive approach in monitoring potential cyber threats. This includes monitoring DNS records and running scans on online databases, flagging any password leaks tied to the domain in question. Drawing parallels with Riot, Stoïk has also developed an employee-centric cybersecurity awareness initiative, encompassing phishing simulations and insightful tutorials.
Up until now, Stoïk has garnered attention from around 2,000 companies. Opting for a strategic pivot, the company no longer offers its insurance products directly through its website. They’ve instead established collaborations with third-party insurance brokers, with around 1,500 brokers presently offering Stoïk products to their clientele.
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