Source: Tech Funding News

The round was led by French VC Alven (which recently backed Kestra and Supercede) with participation from existing investors: Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures, and Anthemis.

Stoïk also announced the addition of Cyber Integrity Capital (CYBICA) and Tokio Marine HCC International (TMHCCI), a specialty insurance group and a member of the Tokio Marine HCC (TMHCC) group of companies based in Houston, Texas, as a new investor. Previously, the company partnered with TMHCCI as one of its risk carriers for over a year and extended it a few months back, increasing its capacity to insure companies with turnovers of up to €750 million, and coverage limits reaching €7.5 million.

With this new financing round, Stoïk aims to further solidify its position as a key player in the cyber insurance space for European SMEs. Its immediate focus will be on scaling the distribution of its managed EDR (Endpoint Detection & Response) product, Stoïk MDR, through partner brokers. The company also plans to further expand its European footprint, building on its success in Germany and recent office openings in Austria and Monaco. It also enhances its cyber insurance offerings by introducing adjacent coverages such as Professional Indemnity for specific industry verticals.

“Through this financing, our past investors are showing us the extent of their trust in the development and the longevity of Stoïk, and I would like to thank them for this. The investment of one of our major partners, Tokio Marine HCC International, only strengthens this feeling of trust. We are going to speed up our expansion thanks to this 25 million euros Series B, and we are going to expand our products and keep growing in France, Germany, and everywhere in Europe,” said Jules Veyrat, CEO and Co-founder of Stoïk.

Read the full article: https://techfundingnews.com/first-french-cyber-insurtech-startup-stoik-cements-from-e25m-andreessen-horowitz-and-others/