Today, French cyber insurance leader Stoïk announced a €25 million Series B funding round led by Alven with participation from existing investors: Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, and Anthemis.
Stoïk also announced the addition of Cyber Integrity Capital (CYBICA) and Tokio Marine HCC International (TMHCCI), a leading specialty insurance group and a member of the Tokio Marine HCC (TMHCC) group of companies based in Houston, Texas, as a new investor. Stoïk previously partnered with TMHCCI as one of its risk carriers for over a year.
In just three years, Stoïk has made a name for itself in the insurance market by strengthening the European economy against the growing threat of cyber attacks. The company offers a cyber insurance product tailored to the specific risk profiles of SMEs, combined with its prevention platform, Stoïk Protect, and an in-house incident response team, Stoïk-CERT.
Last April, Stoïk expanded its offering by launching Stoïk MDR, a managed cybersecurity service that complements its insurance product, giving SMEs access to the security of a managed SOC without the high costs of staff and tools.
This comprehensive approach to cyber risk has attracted over 1,000 insurance brokers across France, Germany, and Austria. By the end of 2024, Stoïk is on track to have 5,000 policyholders, €25 million in premiums, and strong underwriting profitability.
Stoïk’s recently opened Cologne office has already generated several million euros in premiums through more than 100 local brokers.
Leveraging the power of digital technology and partner expertise, Stoïk provides brokers in France, Germany, and Austria with an innovative platform to generate quotes in minutes, offer continuous risk prevention, and deliver fast assistance and compensation in case of a claim.
Last month, Stoïk announced the expansion of this partnership, increasing its capacity to insure companies with turnovers of up to €750 million, and coverage limits reaching €7.5 million.
According to Jules Veyrat, CEO and co-founder of Stoï:
“Through this financing, our past investors are showing us the extent of their trust in the development and the longevity of Stoïk, and I would like to thank them for this.
The investment of one of our major partners, Tokio Marine HCC International, only strengthens this feeling of trust. We are going to speed up our expansion and keep growing in France, Germany, and everywhere in Europe.”
Seema Amble, Partner at Andreessen Horowitz, shared:
“Throughout our first year of partnership with Stoïk, we have been impressed not only by the product offered, but also by the dynamism and execution of the teams in place.
We are now looking forward to working more closely and supporting them as they continue to expand their services for the European SME market.”
Thomas Cuvelier, Partner at Alven, shared:
Stoïk’s innovative approach towards cyber risk is bearing fruit, with the company excelling at managing cyber risks proactively rather than reactively on behalf of their European SME customers. We believe they are well-positioned to become one of the major cyber insurance players in Europe.”
With this new financing round, Stoïk aims to further solidify its position as a key player in the cyber insurance space for European SMEs. Its immediate focus will be on scaling the distribution of its managed EDR (Endpoint Detection & Response) product, Stoïk MDR, through partner brokers.
The company also plans to further expand its European footprint, and is enhancing its cyber insurance offerings by introducing adjacent coverages such as Professional Indemnity for specific industry verticals.
Lead image: Stoïk. Photo: uncredited.
