Cybersecurity Insurtech Stoïk Nabs €11M To Insure SMEs
Paris-based insurtech cybersecurity insurtech startup Stoïk has gathered funding of €11M to roll out hybrid insurance.
A Paris based insurtech cyber security startup Stoïk has raised €11M in series A funds. The startup nets this amount from US investment giant Andreessen Horowitz (a16z) . Plus witnessed participation from Alven and Anthemis Group- also including angel investors such as former AXA CEO Henri De Castries and wefox CEO Julian Teicke.
Jules Veyrat, CEO and co-founder of Stoïk said
This new round confirms our vision and our ambition: to create the best cybersecurity insurance for VSEs and SMEs at the European level and to support brokers in the distribution of cyber insurance.”
With this funding Stoïk aims to release its cybersecurity product as well as the hybrid insurance in European SMEs market. Moreover, the company has positioned itself as one of the leading players in the cyber insurance landscape because of the persistent cyber attacks and vulnerabilities surfacing each and everyday-such as Log4j and Spring 4 Shell .
However, it is a dynamic platform which combines internal and external cyber-insurance and risk monitoring tools. Furthermore, its unique amalgamation of cyber insurance and cybersecurity tools- such as weekly scan of the IT infrastructure and phishing awareness tools allows the selection, quantification and reduction of cyber risk.
The cybersecurity insurtech mission is to increase the access of companies especially VSEs and SMEs towards cyber insurance. Its product is 100% online and is available to partner brokers to enable them to assess and monitor all their policies and issuing of quotes in less than two minutes, as well as sending policy for signing.
Because of the per se features, founded in 2021 by Alexandre Andreini, Jules Veyrat, Nicolas Sayer and Philippe Mangematin- Stoïk is bound to grow mainly because of the dangerous cyber risks trends . Such as identity theft, cyber security, phishing etc which are also counted as top 5 risks in 2020- European Union Agency for Cyber Security
The platform is expanding exponentially. The CEO and cofounder Jules Veryat told Sifted that Stoïk has 200 active brokers registered , and is aiming to have 1,000 by the end of the year. It has grown from 12 to 28 employees in the last six months and plans to increase its employee force over next year in sales, cyber, marketing and product teams.