The financing round is co-led by Alven, Anthemis Group and Kima Ventures, with the participation of prominent business angels including Raphaël Vullierme (Luko), Emmanuel Schalit (Dashlane) and Henry Kravis (KKR) and will enable Stoïk to strengthen its technical teams to further develop its product into the most comprehensive offer on the cyber insurtech market.
Founded in 2020 by Jules Veyrat, Alexandre Andreini, Nicolas Sayer and Philippe Mangematin, Stoïk aims at freeing business leaders from their feeling of vulnerability to cyber risk. Cyber attacks, which have increased by 255% according to the ANSSI (National Cybersecurity Agency of France), can have serious consequences for companies, tarnishing their image and reputation. And yet, SMEs are often less sensitized and protected, making them a prime target for cybercriminals.
As few as 5% of companies in Europe are currently insured against these risks. Although security tools exist, they are complex and costly, whilst insurance products are scarce, difficult to purchase and quite restrictive.
Stoïk stands out from the crowd with its complete, effective and affordable cyber-insurance solution, based on a subscription, that combines an insurance product and a security software protection to monitor companies’ infrastructure in real-time.
“In 2021, being the victim of a cyber-attack is the most feared risk for French companies. Our mission at Stoïk is to offer a complete, effective and affordable cyber-insurance solution that allows managers to focus on their core business, thus freeing them from yet another mental burden” explains Jules Veyrat, CEO and co-founder of Stoïk, before adding “With this initial funding round, we intend to expand our teams to become the reference in cyber-insurance in Europe,”.
Stoïk’s target market is substantial: being the victim of a cyber attack is the most dreaded risk for French companies. And it is exactly what Stoïk provides, enabling managers and directors of SMEs to continuously mitigate their level of risk.