Stoïk

Paris-based Stoïk provides security software and cyber insurance solutions. The latter includes cyber insurance policies to cover cyber attack-related incidents such as ransomware attacks, cyber fraud, data breaches, network overhaul, and even civil liability costs.

Stoïk offers cyber insurance policies with a maximum coverage limit of up to EUR 1 million (USD 1.15 million) for companies with less than EUR 50 million (USD 57 million) in revenue.

Stoïk’s insurance policies are complemented by its cybersecurity platform that is offered for no extra charge and carries out a weekly scan on the client networks and alerts for any vulnerabilities. At the point of signup, Stoïk allows potential clients to do a free external scan and obtain a report on vulnerabilities or misconfigurations. The company also provides 24/7 support in the event of a cyber attack through its dedicated team.

Key customers and partnerships

The company had inked partnerships with insurance companies to design the insurance products and had future plans to expand its monitoring service as of the same date.

Stoïk had 200 active brokers on its platform as of June 2022, and expects this to grow to 1,000 by the end of 2022.

Funding and financials

As of January 2022, the company was in the pre-launch phase with contracts that ranged from EUR 50 to EUR 400 per month.

The company increased its employee headcount from 12 to 28 over H1 2022, and expects this to double over 2023 across its sales, cyber, marketing, and product departments.

In June 2022, the company raised EUR 11 million (USD 11.5 million) in a Series A funding round led by Andreessen Horowitz (a16z), bringing the total funding raised to EUR 15 million (USD 15.7 million). The funds were expected to be utilized to grow its team in order to accelerate product development in France and expand into new markets across Europe.