In the digital age, where cyber threats loom large, small and medium-sized enterprises often find themselves navigating the treacherous waters of cybersecurity with limited resources. Recognizing this vulnerability, French cyber-insurtech pioneer, Stoïk, has emerged as a beacon of hope. Armed with a visionary product that seamlessly combines cyber insurance coverage with robust internal and external risk monitoring tools, Stoïk stands as a steadfast guardian, also boasting an in-house security incident response team.
In this endeavor, Stoïk is not just a guardian of data; it's a lifeline for insurance brokers seeking to shield their most vulnerable clients. With a mission to democratize cyber insurance, Stoïk steps up to safeguard businesses in the digital realm.
In a recent milestone achievement, Stoïk secured €10 million in funding, led by Munich Re Ventures, and joined by Opera Tech Ventures, alongside previous investors Andreessen Horowitz. This significant capital infusion sets the stage for Stoïk's expansion across European borders, beginning with Germany.
Germany, with an estimated 2.5 million small and medium-sized companies, became the strategic launchpad for Stoïk's European deployment. The company plans to establish a presence in Köln, Germany, under the leadership of Franziska Geier, the former European Head of Strategy at German insurance company Markel. Her wealth of experience and entrepreneurial acumen promises to steer Stoïk's German venture toward success.
Franziska Geier, Country Manager Germany, Stoïk, expressed her excitement, saying, "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."
Jules Veyrat, CEO and co-founder of Stoïk, emphasized the need for tailored solutions, stating, "We are convinced that our model can be exported rapidly, provided we localize it to reflect the specificities of the German market, and this fundraising will empower us to do so. Faced with an increasing cyber risk, the entire European economic ecosystem needs to be strengthened."
Ben Bergsma, Principal at Munich Re Ventures, expressed confidence in Stoïk's potential, saying, "We are very pleased to invest in Stoïk. We have been closely following the emergence of major players in cyber insurance in the United States and feel confident that Stoïk is poised for similar success in Europe."
Seema Amble, Partner at a16z, acknowledged Stoïk's remarkable journey, stating, "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."
Founded in 2021 by Jules Veyrat, Alexandre Andreini, Nicolas Sayer, and Philippe Mangematin, Stoïk is on a mission to empower brokers and their clients by offering insurance policies and robust protection against the ever-present cyber risks. Stoïk's unique insurance product streamlines the underwriting process with automated tests, replaces cumbersome questionnaires, and champions continuous prevention through integrated cybersecurity tools. Furthermore, it boasts a swift and efficient incident response mechanism with an in-house team of crisis management experts.
Currently, Stoïk collaborates with over 1,500 partner brokers, distributing its insurance product through an intuitive online platform. This approach has swiftly gained traction, making Stoïk a beacon of innovation in the French market and beyond.