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

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French startup Stoïk offers a cyber insurance product to small and medium companies – similar to Coalition in the US and things are working well in France. So the company recently announced plans to expand into Germany as a second country, with Francesca Geier leading the team.

The company raised another $10.7 million (€10 million) for this market expansion. Munich Re Ventures, the insurer’s corporate venture fund, led the round along with Opera Tech Ventures. Current investors Andreessen Horowitz and Alwen are pouring more money into the company.

Stoïk specifically focuses on SMEs because small companies are very vulnerable when it comes to cyber attacks such as ransomware. It provides a hotline that customers can contact whenever they face a cyber incident.

A company can compensate for loss of revenue (gross operating margin) during an event. It may also provide for third-party liability in the event of a data breach claim.

A bit of active monitoring for password leaks associated with this domain name as well as Stoik monitors DNS records and scans online databases. Like Riot, Stoïk has also created a cybersecurity awareness program for employees with phishing simulations and tutorials.

So far, 2,000 companies have signed up to Stoïk. The company no longer sells its insurance products on its website. Instead, it works with third-party insurance brokers. About 1,500 brokers offer Soïk products to their customers.

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