The French startup Stoïk has introduced a cyber insurance solution tailored to small and medium-sized enterprises (SMEs), akin to the approach taken by Coalition in the United States. The company has experienced success in the French market and is now setting its sights on expansion into Germany, marking its second international venture. Leading this expansion effort is Franziska Geier, who will head the team in Germany.
To support its expansion, Stoïk has secured an additional $10.7 million (€10 million) in funding. Munich Re Ventures, the corporate venture arm of the insurance industry giant Munich Re, is the primary investor in this funding round, with participation from Opera Tech Ventures. Notably, existing investors Andreessen Horowitz and Alven are also increasing their investment in the company.
Stoïk’s primary focus remains on providing specialized cyber insurance solutions to SMEs, recognizing the vulnerability of small businesses to cyber threats like ransomware. One of its key offerings is a dedicated hotline that customers can access when facing a cyber incident.
The company is equipped to provide compensation for loss of revenue, including gross operating margin, during such incidents. Additionally, Stoïk offers third-party liability coverage in the event of a data breach claim.
In terms of proactive measures, Stoïk engages in active monitoring by overseeing DNS records and conducting scans of online databases for potential password leaks associated with its clients’ domain names. Similar to Riot, Stoïk has also developed a cybersecurity awareness program for employees, featuring phishing simulations and instructional resources.
Stoïk has garnered interest from 2,000 companies thus far. Notably, the company has transitioned away from selling its insurance products directly on its website and now collaborates with third-party insurance brokers. Approximately 1,500 brokers have integrated Stoïk’s products into their offerings, making them available to their clients.
