Baobab, a Berlin-based cyber insurtech, secured €12 mn in a Series A funding round led by Viola FinTech and eCapital.
Augmentum Fintech, Project A Ventures, and Christof Mascher, former Allianz executive, also joined the round. The company’s total funding now stands at €20 mn.
Founded in 2021, Baobab operates in Germany and Austria. Its services include cyber insurance and cyber protection, with coverage provided through a partnership with Zurich.
The company uses an AI-based underwriting model and offers brokers integrated risk management tools at no additional cost.
CEO Vincenz Klemm noted that phishing, CEO fraud, and ransomware are growing risks for European firms, worsened by AI.
He stated that the new capital would help prevent further customer losses and support expansion across Europe.
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
Vincenz Klemm, Co-founder and CEO of Baobab Insurance
“The new capital will enable us to continue preventing millions in losses for our customers and expand into other European countries,” – Vincenz Klemm said.
Prof Daniel Tsiddon of Viola FinTech emphasized that geopolitical instability increases exposure to cyberattacks. He described Baobab’s approach as timely and relevant for protecting European businesses.
“Global tension creates safe havens for cyber criminals. With tensions on European borders increasing, businesses become more vulnerable to cyberattacks. Building on a super novel approach at the right time in history, Baobab offers the much-needed protection to European companies,” – Prof Daniel Tsiddon says.
