German startup Baobab Insurance, a provider of insurance against cyber and other digital risks, announced today a €12 million Series A financing round to advance their active risk mitigation platform.
The round was led by VC fund Viola FinTech and eCapital. Existing investors, Augmentum Fintech and Project A Ventures, and Baobab’s advisory board member Christof Mascher, a former member of the board of Allianz SE, also participated in the round.
Vincenz Klemm, Co-founder and CEO of Baobab Insurance said: “Phishing, CEO fraud, and ransomware have become a real threat to European companies, and AI is exacerbating the threat. Thanks to our AI-native underwriting process and integrated, active, and free risk management, we equip and empower insurance brokers with solutions that provide the best possible protection against these dynamic risks. The new capital will enable us to continue preventing millions in losses for our customers and expand into other European countries.”
Founded in 2021, Baobab Insurance is “Germany’s first integrated cyber insurance provider and risk mitigation provider”, operating as a Managing General Agent for digital risks. Its product…
