InsurTech Baobab receives €3M from Augmentum
The Berlin-based cyber security start-up Baobab has received 3 million euros from the British FinTech fund Augmentum. Following the investment in Grover, this is Augmentum's second German investment and the first in the InsurTech vertical.
Baobab supports small and medium-sized companies in managing cyber risks by combining insurance and software solutions. The platform provides real-time risk management insights and recommendations to help companies reduce their exposure to cyber attacks.
The company was founded in 2021 by Anton Foth (CTO) and Vincenz Klemm (CEO). In addition to Project A, previous investors include La Famiglia and Ocean Investments.
Tim Levene, CEO of Augmentum FinTech, said: "We are delighted to lead Baobab's new investment round. We strongly believe that increasing (cyber) risks lead to growing opportunities in InsurTech and cyber security. Despite strong growth figures, these markets still offer promising investment opportunities."
Levene also emphasizes the strong execution capabilities of the Baobab team and acknowledges the rapid development of the partner network, which is a key driver of the company's growth.
Source: Finextra
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