InsurTech Baobab receives €3M from Augmentum

Berlin-based cyber security start-up Baobab has received €3 million from British FinTech fund Augmentum. After its investment in Grover, this is Augmentum's second German investment and first in the InsurTech vertical.

Baobab helps small and medium-sized businesses manage cyber risks by combining insurance and software solutions. The platform provides real-time risk management insights and recommendations to help businesses 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 included La Famiglia and Ocean Investments.

Tim Levene, CEO of Augmentum FinTech, said, "We are excited to lead Baobab's new investment round. We strongly believe that increasing numbers of (cyber) risks lead to growing opportunities in InsurTech and cyber security. Despite strong growth numbers, these markets still offer promising investment opportunities."

Levene also highlights the strong execution capabilities of the Baobab team and acknowledges the rapid development of the partner network, which is a significant driver of the company's growth.

Source: Finextra