Since raising €11 million in an a16z-led Series A round in June of 2022, Parisian SME-focused insurance and cybersecurity software provider Stoïk has today announced the raise of an additional €10 million.
The fresh investment will support the company’s expansion across Europe as it enters its first market field, beginning with Germany.
The €10 million arrives via lead investors Munich Re Ventures, and Opera Tech Ventures and existing investors Andreessen Horowitz and Alven participating.
Founded in 2021, Stoïk is a response to some staggering 2020 statistics that 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.
Simple yet effective
Stoïk’s reasonably simple yet clearly effective offer combines cyber insurance coverage with internal and external risk monitoring tools alongside an in-house security incident response team.
According to Stoïk, the company is working with some 1,500 partner brokers to distribute the insurance offer, an approach that’s proven successful across the French market. The company reports approximately 2,000 policies enacted and says that the 10-million gross written premium landmark is within its sights and expected to be achieved by year's end.
Looking beyond its home market, Stoïk is setting the stage for further international development beginning with an office established in Cologne. German operations are to be headed by Franziska Geier who brings a decade of German insurance market experience, having held various positions at Markel as well as experience with Allianz.
“I’m thrilled to embark on the Stoïk journey to develop its innovative model in Germany. Our ambition is to further democratize cyber-insurance by evangelizing the German brokers in search of solutions adapted to the small and mid-sized business market.” - Franziska Geier, Country Manager Germany, Stoïk
With an estimated 2.5 million small and medium-sized companies, i.e. prime customers for the company’s insurance product, Germany is a logical first choice for Stoïk.
On the investment, Andreessen Horowitz Partner Seema Amble shares:
“In a very short time, Stoïk has seen remarkable growth with insurance brokers and distributors. We remain impressed by their innovative vision, ability to execute, and by the company’s spectacular growth. We are proud to be on this adventure, and we believe Stoïk is in the best position to capture the European market.”
Lead image: Stoïk team. Photo: Uncredited.