Augmentum has led a funding round into Berlin-based cyber insurance platform Baobab, with a €3m investment
In Brief:
Baobab uses a novel approach to underwriting, pricing and risk mitigation in providing cyber insurance for SMEs
This is Augmentum’s first investment in the InsurTech space and its second in Germany following an investment in consumer technology subscription platform Gover
Augmentum's fintech portfolio now comprises 25 private companies including the likes of Tide, Zopa and Anyfin - diversified across fintech verticals, stages of maturity and geographies
What does this mean?
Tim Levene, CEO of Augmentum Fintech, comments: “We are pleased to lead Baobab’s new investment round. We have strong conviction that new risks are driving opportunities in insurtech and cyber represents a fast growing and underpenetrated market. The team demonstrates strong execution capabilities in developing a solid product, building out a rapidly expanding network of broker partners across Germany and have secured backing from a leading tier one capacity provider in Zurich."
