Baobab

Baobab provides cyber insurance coverage for small and medium-sized businesses (SMBs) to cover cyberattack-related incidents such as business interruptions, liabilities, and service costs. Baobab leverages machine learning models to optimize the risk selection, pricing, and mitigation process for better loss ratios. Baobab operates as a managing general agent for other insurance companies and provides insurance brokerage, administration, claims, and recourse processing services. Baobab collaborates with brokers to reach clients and distribute cyber insurance policies. The company also provides attack surface management through continuous monitoring and security assessment of potential threats to protect customers from further cyber exposure.

Baobab had plans to launch in Germany in early 2022 and, thereafter, intended to expand its presence across other European markets. As of January 2022, Baobab was available as an early access product for potential customers and brokers.

Funding and financials

In January 2023, the company raised EUR 3 million (~USD 3.3 million) in a funding round led by Augmentum.

Baobab received an undisclosed amount from Investitionsbank Berlin in April 2023. Intended use of funds was to develop the firm’s technology, and implement targeted risk solutions.