The timing couldn’t be better for Baobab, the Berlin-based cyber insurance company, to raise $3.5 million euros ($4 million) in pre-seed financing.
Cybercriminals are operating on a wide scale across business types, employing sophisticated tactics to compromise security and commit fraud, according to a PYMNTS and nsKnox collaboration.
Learn more: FinTech Risk Management Playbook: Combating B2B Payments Fraud
Researchers found that 64% of IT leaders surveyed said their company experienced a breach related to enterprise resource planning in the last two years.
Baobab’s financing round was led by Project A Ventures with involvement from La Famiglia, Discovery Ventures and angel investors including Clark, Comtravo, Gabi, Hellas Direct, Bit Capital & Ioniq and Lendable, EU-Startups reported.
The new cash will be used to add employees including insurance professionals and cybersecurity and technical experts.
Founded last year by Vincenz Klemm, the former co-founder of InsurTech Gabi, and Anton Foth, who had worked at BCG Digital Ventures, Baobab insures small- to medium-sized businesses (SMBs) against business interruptions, liabilities and service costs related to…
