In less than six months since raising €3.8 million in a seed funding round, Paris-based Stoïk has now pocketed €11 million in a Series A round led by industry legends Andreessen Horowitz. The new capital is expected to help the firm expand into additional European markets, namely through localised/regulatory compliant adaptations.
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 an age of ongoing cyber attacks, Stoïk combines SMEs with both internal and external security and risk monitoring software and an insurance product via a network of cyber insurance broker partners.
“The fundraising will allow us to support our growth and to recruit the best profiles in the insurance world to continue to develop our insurance expertise, mainly commercial profiles to meet the strong demand from our partner brokers,” commented Veyrat. “We will also expand our engineering teams to continue to develop the cyber security solutions that enable our policyholders to protect themselves against attacks.”
Alongside Andreessen Horowitz’s lead, Stoïk’s Series A round saw the participation of existing investors Alven and Anthemis Group, as well as angel investors including former AXA CEO Henri De Castries and wefox CEO Julian Teicke.
“Having looked closely at the cyber insurance market globally, we were impressed by the Stoik team, approach, and quick progress. We believe that there's an exciting opportunity to capture the European market and that Stoik is in the best position to do so,” concluded a16z’s Seema Amble.