Stoïk raises €11 million

Stoïk, the Paris-based cyber insurance startup, has raised €11 million in a Series A round led by Andreessen Horowitz, with participation from Alven, Anthemis, Henri De Castries (former CEO of AXA), and Julian Teicke (CEO of wefox). Earlier this year, the startup raised $4.3 million.

Founded in 2021, Stoïk targets SMEs with under €50 million in annual revenue, offering a security software to continuously mitigate their level of risk and insurance, which is provided by digital insurer Acheel. Swiss Re is the reinsurer behind the program.

“We are proud to announce this new round table with a16z, which is a great sign of confidence in Stoïk’s model. This confirms our vision and our ambition: to create the best cybersecurity insurance for VSEs and SMEs at European level and to support brokers in the distribution of cyber insurance. The fundraising will allow us to support our growth and to recruit the best profiles in the insurance world to continue to develop our insurance expertise, mainly commercial profiles to meet the strong demand from our partner brokers. We will also expand our engineering teams to continue to develop the cyber security solutions that enable our policyholders to protect themselves against attacks.” – Jules Veyrat, CEO and co-founder of Stoïk.

“Having looked closely at the cyber insurance market globally, we were impressed by the Stoik team, approach, and quick progress. We believe that there’s an exciting opportunity to capture the European market, and that Stoik is in the best position to do so.” – Seema Amble, partner at a16z.