Less than a year since launching, Paris-based Stoïk has raised €3.8 million in a new funding round. In an age of ongoing cyber attacks, the startup combines security software to mitigate risk levels and an insurance offer that transfers residual risk to a third-party. The funding is expected to assist the company in ongoing development efforts with the ultimate goal of positioning the service as the most comprehensive offer on the cyber insurtech market.
Over the course of 2020, the first few months saw a 667% increase in phishing attacks, and according to the European Union Agency for Cyber Security Phishing, Identity Theft, Insider Threats, Information Leakage, and Ransomware were the top 5 increasing trends in 2020.
Surveying the landscape, Stoïk founders Jules Veyrat, Alexandre Andreini, Nicolas Sayer, and Philippe Mangematin, saw enterprise-level businesses gearing up against these threats, but the SME industry remained dreadfully underserved. Et voilà, the genesis of Stoïk is formed.
"In 2021, being the victim of a cyber attack is the most feared risk for French companies. Our mission at Stoïk is to offer a complete, effective and affordable cyber-insurance solution that allows managers to focus on their core business, thus freeing them from yet another mental burden," explained CEO Jules Veyrat.
The €3.8 million in new funding was provided by top-tier investors including Alven, Anthemis Group, and Kima Ventures. The round also saw participation from angel investors Raphaël Vullierme (founder of Luko), Emmanuel Schalit (CEO at Dashlane), and Henry Kravis (co-founder at KKR).
“While cyber attacks are on the rise, only 5% of businesses in Europe are currently insured against these risks. The combined offer of insurance products and software protection seems to us to be an excellent response to the needs of SME managers, with a very significant market potential,” commented Alven’s Thomas Cuvelier. “This global and innovative offer and the vision of the co-founders convinced us to support them in their first fundraising.”