Baobab raises €12 million

Berlin-based cyber insurance startup Baobab has raised €12 million in a Series A round led by Viola FinTech and eCapital, with participation from Augmentum Fintech, Project A Ventures, and Christof Mascher, a former Allianz executive. The startup has raised €20 million to date.

Founded in 2021, Baobab is live in Germany and Austria with an offering that includes cyber insurance and cyber protection.

Cyber coverage is offered in partnership with Zurich.

“Phishing, CEO fraud, and ransomware have become a real threat to European companies, and AI is exacerbating the threat. Thanks to our AI-native underwriting process and integrated, active, and free risk management, we equip and empower insurance brokers with solutions that provide the best possible protection against these dynamic risks. The new capital will enable us to continue preventing millions in losses for our customers and expand into other European countries.” – Vincenz Klemm, Co-founder and CEO of Baobab Insurance.

“Global tension creates safe havens for cyber criminals. With tensions on European borders increasing, businesses become more vulnerable to cyberattacks. Building on a super novel approach at the right time in history, Baobab offers the much-needed protection to European companies.” – Prof Daniel Tsiddon, General Partner at Viola FinTech.