Andreessen Horowitz (a16z), one of the world’s largest venture capital funds, known for investments in companies such as Skype, Twitter, Facebook, Airbnb, and more recently Pinterest and Slack, has invested in Stoïk.
The company is a startup brokerage specialising in cyber insurance products.
Stoïk, which is based in France, 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 become as large as the US market.
The company’s 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.
Jules Veyrat, CEO and co-founder of Stoïk, said: “We are proud to announce this new round table with a16z, which is a great sign of confidence in Stoïk’s model.”
“This confirms our vision and our ambition: to create the best cybersecurity insurance for VSEs and SMEs at European level and to support brokers in the distribution of cyber insurance.”
“The fundraising will allow us to support our growth and to 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.”
Seema Amble, a Partner at a16z: “Having looked closely at the cyber insurance market globally, we were impressed by the Stoik team, approach, and quick progress. We believe that there’s an exciting opportunity to capture the European market, and that Stoik is in the best position to do so.”
