Berlin-based insurtech startup Baobab Insurance has successfully closed a €12 million Series A funding round. This brings their total funding to €20.1 million across pre-seed, seed, and Series A rounds. The company specializes in providing insurance to businesses against cyberattacks, particularly those leveraging generative AI tools. Their AI-native underwriting process has already helped prevent over €10 million in customer losses.
The funding round was led by Viola Fintech and eCapital, with participation from existing investors Augmentum Fintech, Project A Ventures, and Christof Marcher. This investment signifies strong confidence in Baobab Insurance's innovative approach to cybersecurity risk management within the insurance sector.
Baobab Insurance plans to utilize the new capital to expand its team (currently 30 employees), strengthen its presence in Germany and Austria, and broaden its product offerings. Further expansion into additional EU markets is also planned within the next year.
The company's focus on AI-driven risk assessment and proactive risk management positions it as a key player in the evolving landscape of cybersecurity insurance. This funding round underscores the growing need for specialized insurance solutions in the face of increasingly sophisticated cyber threats.
