Stoïk Secures US$10.7 Million in New Funding, Eye’s International Expansion
Stoïk Secures US$10.7 Million in New Funding, Eye’s International Expansion
In a recent undisclosed series funding round, cybersecurity insurance startup Stoïk has successfully raised $10.7 million, with contributions from both existing investors such as Alven and Andreessen Horowitz, as well as new backers, including Munich Re Ventures and Opera Tech Ventures.

Established in 2021, Stoïk has garnered a total of $26.6 million in funding. The company collaborates with independent brokers to distribute its cyber insurance product, which is supported by a consortium of insurers and reinsurers, including Acheel, Axeria, Swiss Re, and Tokio Marine HCC.

Stoïk specialises in catering to Small and Medium-sized Enterprises (SMEs) primarily in France and Germany, offering comprehensive coverage of up to €5 million. Their range of services includes round-the-clock incident response by their in-house team, CERT-Stoïk, along with access to legal and crisis communication experts for seamless assistance during critical situations.

For businesses grappling with operational disruptions, the insurtech also provides compensation to offset gross operating margin losses as well as extended coverage to ransomware-related expenses, including ransom payments when alternative solutions are not viable. 

In compliance with GDPR regulations, Stoïk manages the costs associated with data breach notifications. Additionally, they offer third-party liability coverage for claims stemming from data breaches and the option for protection against malware transmission.

Finally, they provide optional coverage to guard against cyber fraud, protecting against the misappropriation of funds.

Stoïk’s international expansion plans

SIn a strategic move towards international expansion, Stoïk is venturing beyond its domestic market and is poised to establish its presence with a new office in Cologne. This marks the initial step in the company’s broader global development plans.

Heading up the German operations is Franziska Geier, Stoïk’s Country Manager Germany, and a seasoned professional with over a decade of experience in the German insurance market. Geier has held diverse roles at Markel and brings a wealth of knowledge and expertise in the industry, including her prior involvement with Allianz. Her appointment underscores Stoïk’s commitment to navigating and thriving in new markets.

“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,” said Geier. 

Regarding the new investment raise, Andreessen Horowitz Partner Seema Amble said: “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.”

He added: “We are proud to be on this adventure, and we believe Stoïk is in the best position to capture the European market.”

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