Stoïk has positioned itself as one of the leading players in the high potential cyber insurance market in a very short period of time. Cyber insurance is a massive opportunity in Europe with 8% of medium-sized companies and less than 1% of SMEs possessing cyber insurance coverage in 2020, according to AMRAE estimates.
By combining internal and external cyber-insurance and risk monitoring tools, Stoïk offers a unique service to the European market through its extensive network of broker partners.
The team has grown from a dozen employees six months ago to 28 today. The company expects to nearly double over the next year, recruiting across its sales, cyber, marketing, and product teams. In addition, the startup will continue to develop its insurance expertise by recruiting the best partners and teams in the insurance world.
“This new round confirms our vision and our ambition: to create the best cybersecurity insurance for VSEs and SMEs at the European level and to support brokers in the distribution of cyber insurance.”
Jules Veyrat, CEO and co-founder of Stoïk
“We are proud to announce this new round. This confirms our vision and our ambition: to create the best cybersecurity insurance for VSEs and SMEs at the European level and to support brokers in the distribution of cyber insurance. The fundraising will allow us to support our growth and recruit the best profiles in the insurance world to continue to develop our insurance expertise, mainly commercial profiles, to meet the strong demand from our partner brokers. We will also expand our engineering teams to continue to develop the cyber security solutions that enable our policyholders to protect themselves against attacks,” said Jules Veyrat, CEO and co-founder of Stoïk.
“Since our initial investment, Jules and his team have executed at breakneck speed and have been able to attract top talent. We’re looking forward to them expanding their market footprint with this new fundraising milestone.”
Thomas Cuvelier, Partner at Alven
“Stoïk is unleashing a new standard on the cyber insurance market with its data-driven approach; the industry is starting to recognize that managing cyber risk is moving away from a reactive approach to more proactive risk management methods. Since our initial investment, Jules and his team have executed at breakneck speed and have been able to attract top talent. We’re looking forward to them expanding their market footprint with this new fundraising milestone,” commented Thomas Cuvelier, Partner at Alven.
With this fundraise, the company will grow its team to accelerate its development in France and rapidly expand into new markets across Europe. Stoïk plans to expand into other European countries by launching new insurance products adapted to local constraints. The European cyber-insurance market has grown dramatically in recent years and is expected to soon become as large as the US market.