Stoïk raises $27 million
Paris-based cyber insurance startup Stoïk has raised ~$27 million in Series B funding led by Alven with participation from Andreessen Horowitz, Munich Re Ventures, Tokio Marine, CYBICA, Opera Tech Ventures, and Anthemis. Just over a year ago the startup announced $10.7 million in funding.
Founded in 2021, Stoïk operates as an MGA and it offers companies with up to €750 million in annual revenue cyber coverage. The startup works with independent brokers to distribute its product – backed by several insurers and reinsurers including Acheel, Axeria, Swiss Re, and Tokio Marine HCC.
Stoïk is on track to have 5k policyholders and €25 million in premiums by the end of the year.
“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 thanks to this 25 million euros Series B, and we are going to expand our products and keep growing in France, Germany, and everywhere in Europe.” – Jules Veyrat, CEO and Co-founder of Stoïk
“Stoïk has gained popularity with insurance brokers and distributors in record time. We are impressed by the innovative vision of its leaders, their excellence in execution, as well as the exceptional growth of the company. We are delighted to continue supporting them on this adventure.” – Seema Amble, Partner at Andreessen Horowitz.
“Ever since our first investment, Jules and his team have managed to make their project grow at an impressive rate, thereby attracting the best talents. We look forward to seeing them strengthen their position in the market with this new financing.” – Thomas Cuvelier, Partner at Alven.
“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 are pleased to support Stoïk and firmly believe they are well-positioned to become one of the major cyber insurance players in Europe.” – Ben Bergsma, Principal at Munich Re Ventures.
