A Berlin-based insurtech which provides insurance to protect businesses from cyberattacks which leverage generative AI tools has won €12 million in funding.
Baobab Insurance’s €12 million Series A funding round was led by new investors Viola Fintech, the fintech-focused fund, and eCapital, the German VC.
Also participating were existing investors Augmentum Fintech, the UK VC firm, Project A Ventures, the early-stage investor and former Allianz Germany chief operating officer Christof Marcher.
The insurtech, which has offices in Berlin and Cologne, has raised a total of €20.1m across pre-seed, seed and Series A.
Baobab Insurance, which launched three years ago, offers an insurance proposition protecting companies from cyberattacks, fraud, and software product failures.
It says that it uses AI-native underwriting, which it says has helped it prevent losses of over €10 million for its customers. It also says that a key part of its service is AI-native monitoring of all aspects of cyber risk.
The company says it will use the funds to grow its team, currently 30-strong, strengthen its position in Germany and Austria, and expand its product range.
It also says it plans to enter additional EU markets within the next 12 months.
Vincenz Klemm, co-founder and CEO of Baobab Insurance, said: “Phishing, CEO fraud, and ransomware have become a real threat to European companies, and AI is exacerbating the threat.
"Thanks to our AI-native underwriting process and integrated, active, and free risk management, we equip and empower insurance brokers with solutions that provide the best possible protection against these dynamic risks.
"The new capital will enable us to continue preventing millions in losses for our customers and expand into other European countries.”
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