Berlin, 18.01.2022. Cyber insurance company Baobab raises a $4.2 million pre-seed financing round led by Project A Ventures to protect organizations from existing and emerging cyber threats. Additional investors include La Famiglia, Discovery Ventures and several angel investors such Christopher Oster and Marco Adelt (Clark), Michael Riegel (Comtravo), Hanno Fichtner (Gabi), Emilios Markou and Alexis Pantazis (Hellas Direct), Philippe Mota and Jan Beckers (Bit Capital & Ioniq) as well as Martin Kissinger (Lendable).
Baobab aims at making small and medium-sized enterprises (SME) more resilient against cyber risks by combining cyber insurance and security measures to offer holistic risk management. The demand for cyber insurance is growing. Attackers have automated vulnerability discovery and are increasingly targeting SMEs which are rarely insured against cyber threats such as ransomware, DDOS and data breaches.
Baobab insures companies against damages caused by cyberattacks such as business interruptions, liabilities and service costs. On top of that, Baobab reduces risks by assessing potential threats, providing attack surface management as well as continuous monitoring and vulnerability checks to protect customers from further exposure to hacks.
Sam Cash, Principal at Project A, says: “The cyber insurance market is at a unique inflection point, with demand for coverage exploding and incumbents retrenching given the complexities of pricing. We’re happy to be partnering with Vincenz and Anton, who are seasoned insurtech operators. Baobab has a unique approach in Europe which specifically targets the needs of SMEs who increasingly become targets of cyberattacks.”
For more information, go to Baobab.io.