Stoik raises 11 million euros for its cyber risk insurance

This second round should allow Stoïk to swell its ranks to accelerate the marketing of its offer in France and prepare for its arrival on other markets.

A year after its creation, the fintech Stoïk and its cyber risk insurance offer for very small and medium-sized businesses caught the attention of the Andressen Horowitz fund. Note that this is the Californian fund’s first investment in a French fintech. A series A fundraising of 11 million euros in which we find the participation of funds such as Alven and Anthemis. The two capital ventures had already taken part in Stoïk’s previous seed round of 3.8 million euros in 2021. Also included in this new round are business angels Henri de Castries, former CEO of AXA, and Julian Teicke, former CEO of the insurer WeFox. Stated objective: to recruit and accelerate the development of insurtech on the French market… initially. “We have plenty of destinations in mind but nothing is planned yet,” says Jules Veyrat, CEO of Stoïk.

Sales leaders, engineers, experts from the world of insurance… So many profiles targeted by Stoïk, which aims to swell its ranks to reach 40 employees by the end of 2022, against 28 today. The distribution of Stoik’s products goes through partner brokers, including Ageo, CRF and the Ascolli group. Their mission is to market the offer of the start-up via “The broker space” developed by Stoik. By relying on its network of brokers, the insurtech has a hundred customers and aspires to reach the number of 800 by the end of 2022.

Definitely cyber

In December 2021, Stoïk entered into a partnership with the French broker Acheel as well as with a reinsurer whose identity is kept secret. It was after these first handshakes that the insurtech began to distribute its insurance to VSEs/SMEs. Concretely, the insurance broker only has to enter the email address of a company on the Stoik platform to find out whether or not it is eligible. This is the first tool developed by insurtech. An external vulnerability scan supposed to determine the attack surface of a company, namely the data it exposes on the Internet and which is likely to be exploited by a hacker. It is following this step that the Stoik solution is proposed or not, depending on the number of vulnerabilities observed. Note that the solution is only applicable to companies with a turnover of less than 50 million euros. From now on, Stoik insurance is offered by five brokers (who pocket 20% of the insurance premium)

For the sake of prevention, Stoïk has also developed a phishing simulation tool, made available to policyholders. These are in fact fake email campaigns addressed to all employees of a company with the aim of trapping the least cautious. The idea is to identify individuals at risk in order to train them on the best practices to adopt so as not to fall into the trap.

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