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Paris-based Stoïk raises €25 million Series B to expand its cyber insurance platform in Europe
- Paris-based cyber insurance leader Stoïk has raised €25 million in a Series B funding round led by Alven and featuring participation from investors including Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, Anthemis, Cyber Integrity Capital (CYBICA), and Tokio Marine HCC International (TMHCCI).
- Stoïk plans to use the funding to strengthen its position in the European cyber insurance market for SMEs. It will focus on scaling the distribution of its managed EDR product, Stoïk MDR, through partner brokers and expanding its European footprint. The company also intends to introduce adjacent coverages and enhance its team with technical talent.
- Stoïk aims to continue growing in France, Germany, and Europe as a whole, and expects to have 5,000 policyholders and €25 million in premiums by the end of 2024. The company has attracted over 1,000 insurance brokers across France, Germany, and Austria with its comprehensive approach to cyber risk management.
- Stoïk's success is attributed to its tailored cyber insurance product, prevention platform Stoïk Protect, and in-house incident response team Stoïk-CERT. It also offers Stoïk MDR, a managed cybersecurity service that complements its insurance product and provides SMEs with affordable access to a managed SOC.
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