European cyber insurance startup Stoïk raises $10.7 million and expands to Germany

French startup Stoïk provides a cyber insurance product to small and medium firms — a bit like Coalition within the U.S. And issues have been working effectively in France. So the corporate simply introduced that it plans to develop to Germany as its second nation with Franziska Geier heading the workforce there.

The firm additionally raised one other $10.7 million (€10 million) to assist with this market growth. Munich Re Ventures, the company enterprise fund of the insurance large, is main the spherical with Opera Tech Ventures additionally collaborating. Existing buyers Andreessen Horowitz and Alven are placing extra money within the firm as effectively.

Stoïk focuses particularly on SMEs as small firms are fairly weak when it comes to cyber assaults, equivalent to ransomware. It gives a hotline that clients can contact each time they’re dealing with a cyber incident.

The firm can compensate for lack of income (gross working margin) throughout an incident. It may also present third-party legal responsibility in case of a knowledge breach declare.

There’s a little bit of lively monitoring in addition to Stoïk displays DNS information and scans on-line databases for password leaks related to this area title. Like Riot, Stoïk has additionally created a cybersecurity consciousness program for workers with phishing simulations and tutorials.

So far, 2,000 firms have signed up to Stoïk. The firm doesn’t promote its insurance product on its web site anymore. Instead, it really works with third-party insurance brokers. Around 1,500 brokers provide Soïk merchandise to their purchasers.