French cyber insurtech Stoïk has raised another €10m and is expanding its offering to neighbouring Germany as part of its European expansion plans.
The latest round of funding comes little more than a year after Stoïk attracted a similar amount of funding as part of its Series A round. In total, the cyber insurance startup has received around €25m in backing to date. The latest capital comes courtesy of lead investor Munich Re Ventures alongside Opera Tech Ventures; a16z, which led the last round; and Alven, which also participated in the Series A.
Founded in 2021, Stoïk’s digital broker platform is designed to facilitate cyber insurance, particularly for small-and-medium-sized companies (SMEs). This is paired with several risk monitoring and cybersecurity tools, consistent with the broader transition towards ‘prevention-led insurance’ that is happening within the cyber insurance sector.
SMEs can no longer complacently rely on being too small a target for hackers; cybersecurity is an issue that now affects businesses of all sizes, and indeed, according to Beazley, some cyber criminals are now using SMEs as a training ground on which to train new hackers.
Stoïk expands to Germany, appoints local MD
When Stoïk raised a Series A round last year, it cited statistics from the Association of Risk Management and Insurance in Business (AMRAE), which showed that just 8% of medium-sized businesses and less than 1% of SMEs have cyber cover, outline the scale of the market opportunity in front of them.
In addition, Beazley’s recent report shows that smaller businesses feel up to six percentage points less prepared in tackling cyber attacks than they did a year before.
Announcing the fundraising, a Stoïk spokesperson says: “After conquering a major place in the French insurance ecosystem, we are now offering our services in Germany. The management of our German business is entrusted to Franziska Geier, former director of European strategy of the German insurer Markel.”
The company continues: “We are delighted to be able to support German insurance brokers in protecting their SME and mid-market customers against the risk of cyberattacks.”
Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18-19 October 2023.
BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.
BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.