Cyber MGA Stoïk raises $10.7 million
Stoïk has raised $10.7 million in an undisclosed series. The round saw participation from past investors like Alven, Andreessen Horowitz, and also welcomed new backers like Munich Re Ventures and Opera Tech Ventures.
Founded in 2021, Stoïk is a cyber insurance startup that has now successfully raised $26.6 million. It works with independent brokers to distribute its product – backed by several insurers and reinsurers including Acheel , Axeria , Swiss Re , and Tokio Marine HCC .
The MGA targets SMEs in France and Germany; offering up to €5 million in coverage. Their offerings include 24/7 incident response by their in-house team, CERT-Stoïk. They employ legal and crisis communication specialists for streamlined assistance during critical situations. For businesses facing interruptions, Stoïk offers compensation for the loss of gross operating margins. They also cover ransomware-related costs, including ransom payments when alternatives aren’t feasible. In line with GDPR regulations, Stoïk covers data leak notification costs. Furthermore, they provide third-party liability coverage for data breach claims and optional malware transmission. Lastly, they offer optional coverage for cyber fraud, safeguarding against the misappropriation of funds.