German startup Baobab insuranceInsurance suppliers against cyber and other digital risks have announced the finishing round in a series of $ 12 million to advance their active risk platform.
The round was led by the VC Fund Viola Fintek and Icapital. Existing investor, agentum fintech and project A Ventures and Bobab Advisory Board member Christophe Maschar, former member of the Alienz SE Board participated in the round.
Vinsenz ClemBawab insurance co-founder and chief executive officer says: “Fishing, CEO fraud and ranswarware have become a real threat to European agencies and AI is increasing the threat. Thanks to our AI-Native underwriting process and integrated, active and free risk management, we equip and empower insurance brokers that provide the best possible protection against this dynamic risk. The new capital will enable our customers to resist millions of losses and extend to other European countriesThe “
Established in 2021, Bawab insurance ”Germany’s first integrated cyber insurance supplier and supply of risk mulchAnd “, managing as a managing general agent for digital risk. Its product portfolio includes cyber insurance, an e-crime insurance product and IT, software, technology and Austrian telecommunications policies.
BOBAB offers risk-related services such as phishing simulations and awareness training-Million has helped prevent more than $ 10 million losses for its customers.
Professor Daniel TcidonThe general partner of Viola Fintek commented: “Global tension creates a safe haven for cyber criminals. As the tensions on the European border increase, businesses become more risky for cyberratetacks. Based on a super novel method at the right time of history, Bawab provides highly necessary protection to European agenciesThe “
The company has planned to significantly increase its team, strengthen its position in Germany and Austria, and expand its product range for commercial customers. The BOBAB plans to enter the EU market within the next 12 months.
Growing as an attacker Leverage generator AI equipmentCybertacks are becoming more sophisticated. Accordingly StatesmanGlobal loss from only cybercrime is expected to rise to $ 12 trillion by 2027, the EU is expected to carry a quarter of the expenditure. According to the 2024 economic research German (BFV), the financial impact of cyber events has increased by 20% compared to last year, which has had a significant negative impact on the German economy.
Willie ManheimsManaging Partner at Icapital says: “Cyber risks cannot be handled lightly – the loss is already very great for this. Baobab insurance has an obvious advantage: the team is committed to preventing and practicing risk management. The view of this organization has only obstructed more than $ 10 million in the last three years, which speaks for itself. The determination of this view is what the market now needs to be effectively dealt with the rapid growing threat.“
Bobab takes the challenge of keeping its clients in contact with all aspects of digital risk, owned by its portfolio companies, owned by underwriting and continuous monitoring technology. As a result of this approach, the BAOBAB has enabled its clients to better protection and has been able to achieve significantly damage ratio than the market average, and attracted Zurich, Ergo, Liberty Specialty Markets, Tokyo Marine Kilon, Talbott (part of AIG), and Argenta (Hanovar.
ChristopheA member of the Advisory Board of Bawab Insurance and former member of the Allianz SE Board added: “The insurance industry is facing deep changes, directed by technical disruption and new threats such as cybercrime. The BOBAB provides technical and effectively compulsory response to it. I am fascinated by a combination of data-powered underwriting, a scleble technology platform and technical risk focusing onThe “
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