Stoïk, a French InsurTech startup, recently secured Series B funding of €25m ($27m).
The round was led by Alven, with participation from Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, and Anthemis, according to a report from TechCrunch. Additionally, Tokio Marine HCC International joined as the only new investor.
Stoïk specialises in cyber security insurance tailored for small and medium-sized businesses across Europe.
The company provides essential financial protection against incidents that could halt business operations, such as cyberattacks leading to temporary closures or production stops. Stoïk’s coverage includes compensation for lost revenue during such disruptions, with policy limits reaching up to €7.5m for companies earning an annual turnover of €750m or less. Currently, Stoïk operates in France, Germany, and Austria.
The newly acquired funds are earmarked for enhancing Stoïk’s product offerings and expanding its operational footprint into additional European markets. A strategic goal for the startup is to launch into a new country every year, beginning in late 2024 or early 2025.
Stoïk not only insures companies but also assists them in bolstering their defenses against cyber threats. As part of its services, Stoïk monitors cyber risk exposures, scans for password leaks, and recommends security enhancements for cloud and directory services.
Stoïk CEO Jules Veyrat said, “Our thesis is that we’re going to insure companies. On top of that, we’re going to help them better protect themselves against cyber attacks. That way, they’re happy, they get more for the same price, and we’re happy, because we have policyholders who are well protected, and therefore have fewer claims than others,” Veyrat said.
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