Stoïk funding news – French-based Stoïk Secures €25 Million in Series B Round Funding

It welcomes new investors, Cyber Integrity Capital (CYBICA) and Tokio Marine HCC International (TMHCCI), a leading specialty insurance group based in Houston, Texas. Previously, Stoïk collaborated with TMHCCI as one of its risk carriers for over a year.

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In just three years, it has carved a niche in the insurance market, bolstering the European economy against cyber threats. It offers tailored cyber insurance for SMEs, complemented by Stoïk Protect and Stoïk-CERT for comprehensive protection.

The innovative approach has resonated with over 1,000 insurance brokers across France, Germany, and Austria. By 2024, Stoïk aims to reach 5,000 policyholders, achieve €25 million in premiums, and maintain strong underwriting profitability.

Leveraging digital technology and partner expertise, it offers brokers in France, Germany, and Austria an innovative platform. Brokers can generate quotes in minutes, ensure continuous risk prevention, and provide fast assistance and compensation in case of a claim.

Jules Veyrat, CEO and co-founder of Stoïk:“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 a new financing round secured, it is set to strengthen its presence in the cyber insurance sector for European SMEs. The focus is on expanding the distribution of its managed EDR product, Stoïk MDR, through partner brokers. Additionally, the company aims to grow its European footprint and introduce new coverages like Professional Indemnity for specific industry verticals.

About Stoïk

Founded in 2021, Stoïk, founded by Jules Veyrat, Alexandre Andreini, Nicolas Sayer, and Philippe Mangematin, empowers brokers to provide clients with insurance policies and protection against cyber risks. The company's mission is to equip brokers with the tools to insure and safeguard customers against cyber threats.