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

Stoïk, a European startup specializing in cyber insurance, has successfully secured $10.7 million in funding and is expanding its operations to Germany. Similar to the U.S.-based Coalition, Stoïk primarily caters to small and medium-sized businesses, filling a critical need for cybersecurity protection. The expansion into Germany will be led by Franziska Geier, and this strategic move has been made possible with the backing of a significant funding round.

The funding round, led by Munich Re Ventures (the corporate venture fund of the insurance giant Munich Re), and featuring participation from Opera Tech Ventures, has generated $10.7 million (€10 million) in capital. Additionally, existing investors such as Andreessen Horowitz and Alven are reinvesting in the company.

Stoïk’s core focus is on safeguarding SMEs, recognizing their vulnerability to cyber threats like ransomware. To assist its clients, the company offers a dedicated hotline for immediate response during cyber incidents. Stoïk provides compensation for lost revenue (gross operating margin) resulting from such incidents and extends third-party liability coverage in the event of a data breach claim.

Taking proactive measures, Stoïk engages in active monitoring, which includes overseeing DNS records and scanning online databases for potential password leaks associated with domain names. Similar to Riot, Stoïk has developed a comprehensive cybersecurity awareness program for employees, encompassing phishing simulations and tutorials.

To date, over 2,000 companies have chosen Stoïk as their cyber insurance provider. The company has shifted its distribution model, opting to collaborate with third-party insurance brokers instead of selling its products directly on its website. Approximately 1,500 insurance brokers now offer Stoïk’s tailored cyber insurance solutions to their clients.