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European cyber insurance startup Stoïk secures $27 million

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Cyber ​​risk is becoming an increasingly necessary issue for small businesses around the globe. While many corporations strive to avoid and minimize cyber threats, they rarely discuss transferring these risks to a 3rd party.

This is why Stoic enters with a cybersecurity insurance product designed specifically for small and medium-sized enterprises. The French startup recently raised a Series B round value €25 million (about $27 million at current exchange rates).

In many respects, Stoïk follows within the footsteps of corporations corresponding to Coalition AND And Zatoka. But as a substitute of selling its insurance products to U.S.-based corporations, Stoïk focuses exclusively on European corporations.

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Businesses insured by Stoïk are protected against cybersecurity claims. For example, if an organization has to halt production or temporarily close as a result of a cyber incident, Stoïk can compensate for the lack of revenue (gross operating margin) during this era.

Stoïk currently covers corporations with an annual turnover of €750 million or less and offers insurance limits of €7.5 million. Currently, the corporate operates in France, Germany and Austria.

The startup selected this particular industry because cyber insurance is more complex than other forms of insurance products. Stoïk has also built a small internal crisis management team to answer incidents and assist with data recovery and crisis communications.

“Since the beginning of the week, we have had over a dozen attacks on our portfolio, including one serious one,” co-founder and CEO Jules Veyrat told TechCrunch last week. “In the Lyon region, we mobilized people following a ransomware attack that brought an industrial company to a standstill.”

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Once customers join, they are going to receive an outline of their cyber risk exposure. The startup monitors DNS records and scans online databases for password leaks related to a client’s domain name. Stoïk also can perform internal scans to recommend changes to cloud and Active Directory configurations.

“Our thesis is that we’ll insure corporations. Moreover, we’ll help them higher protect themselves against cyberattacks. This way they’re pleased, they get more for a similar price and we’re pleased because now we have policyholders who’re well protected and due to this fact have fewer claims than others,” Veyrat said.

Stoïk still has some similarities with the broader insurance industry – it have to be careful not to simply accept too many bad apples into its client portfolio, as this might significantly impact the corporate’s loss ratio.

“The task of insurers is to select risk. So who do I accept and under what conditions? How well do they understand cybersecurity?” – Veyrat said. “In other words, am I willing to take on a €50 million industrial company that has no offline backup strategy? This is just an example, but we ask ourselves such questions every day.”

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Stoïk serves as Managing General Agent (MGA), which implies he works with insurance and reinsurance corporations on their risk coverage. Stoïk can create its own rates, products and policies, however it outsources risk to larger insurance corporations.

One of such partners is Tokio Marine HCC International, which is the one latest investor within the Series B financing round. Current investors also invested within the round. Alven is leading the Series B round, which also includes Andreessen Horowitz, Munich Re Ventures, Opera Tech Ventures and Anthemis.

Stoïk doesn’t sell its insurance products on to its customers. Instead, it really works with third-party insurance brokers who already work with small and medium-sized businesses. So far, Stoïk has acquired 1,000 insurance brokers.

By the tip of 2024, Stoïk must have 5,000 policyholders. It currently represents €25 million in premiums and plans to extend customer registrations in the long run. The startup plans to expand to a brand new country yearly, starting with a brand new European market in late 2024 or early 2025.

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This article was originally published on : techcrunch.com
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Lime scooter and Ebike batteries will be recycled by Redwood Materials

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The joint company Micromobility Lime has reached an agreement on sending batteries utilized in scooters and electronic bikes to Sewoi materials that extract and recycle critical minerals, comparable to lithium, cobalt, nickel and copper.

The agreement announced on Monday makes Redwood Materials the only real battery recycling partner for common scooters and e-bike bikes situated in cities within the United States, Germany and the Netherlands. The contract doesn’t cover every region where lime worksAn inventory covering cities throughout Europe, Asia and Australia.

In Lime up to now he had other recycling partnerships, especially with Sprout through his suppliers. However, for the primary time, the joint company Micromobility had direct relations with battery recycling in North America, which might directly process the fabric for recovery and returns it to the availability chain.

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Redwood Materials, The Carson City, Startup from Nevada founded by the previous CFO Tesla JB Straubel, will get better battery materials when they can’t be used. After recovering and recycling, the materials will be re -introduced within the battery production process. This production system of a closed loop-which can reduce the demand for extraction and refining of minerals-is on the Redwood Materials business center.

The effort can also be consistent with its own goals of limestone sustainable development. Lime is geared toward decarbonization of operations by 2030. The company has made progress in reducing the range 1, 2 and 3 of emissions by 59.5% in five years of basic years 2019. Wapno plans to report the outcomes of carbon dioxide emissions 2024 in May.

“This cooperation means significant progress in the establishment of a more round supply chain, helping our batteries not only to recycled responsibly after reaching the end of their lives, but that their materials are returned to the battery supply chain,” said Andrew Savage, vice chairman for balanced development in Lime.

Lime also has partnerships from Gomi in Great Britain and Voltr in France and other European countries to gather these live battery cells for “Second Life” applications, including, amongst others, in the sphere of consumer electronics, comparable to portable speakers and battery packages.

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Redwood Materials has contracts with other micromobility corporations, including Lyft, RAD Power Bikes and bicycle batteries and scooters specialized in recycling. Redwood, which collected over $ 2 billion in private funds, announced at first of this month, opened the research and development center in San Francisco.

(Tagstranslat) ebikes

This article was originally published on : techcrunch.com
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The Legal Defense Fund withdraws from the META civil law advisory group over Dei Rolback

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Legal Defense Fund,, Meta, dei,


On April 11, the Legal Defense Fund announced that he was leaving the external advisory council for civil rights regarding the fear that the changes in technology company introduced diversity, own capital, inclusion and availability in January.

According to those changes that some perceived as the capitulation of meta against the upcoming Trump administration, contributed to their decision To leave the advisory council of the technology company.

In January, LDF, along with several other organizations of civil rights, which were a part of the board, sent a letter to Marek Zuckerberg, CEO of Meta, outlining their fears As for a way changes would negatively affect users.

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“We are shocked and disappointed that the finish has not consulted with this group or its members, considering these significant changes in its content policy. Non -compliance with even its own advisory group of experts on external civil rights shows a cynical disregard for its diverse users base and undermines the commitment of the meta in the field of freedom of speech with which he claims to” return “.

They closed the letter, hoping that the finish would recommend the ideals of freedom of speech: “If the finish really wants to recommend freedom of speech, he must commit to freedom of speech for all his services. As an advisory group from external civil rights, we offer our advice and knowledge in creating a better path.”

These fears increased only in the next months, culminating in one other list, which from the LDF director, Todd A. Cox, who indicated that the organization withdraws its membership from the META civil law advisory council.

“I am deeply disturbed and disappointed with the announcement of Medical on January 7, 2025, with irresponsible changes in content moderation policies on platforms, which are a serious risk for the health and safety of black communities and risk that they destabilize our republic,” Cox wrote.

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He continued: “For almost a decade, the NACP Legal Defense and Educational Fund, Inc. (LDF) has invested a lot of time and resources, working with META as part of the informal committee advising the company in matters of civil rights. However, the finish introduced these changes in the policy of the content modification without consulting this group, and many changes directly with the guidelines from the guidelines from LDF and partners. LD can no longer participate in the scope. ” Advisory Committee for Rights “

In a separate but related LDF list, it clearly resembled a finish about the actual obligations of the Citizens’ Rights Act of 1964 and other provisions regarding discrimination in the workplace, versus the false statements of the Trump administration, that diversity, justice and initiative to incorporate discriminates against white Americans.

“While the finish has modified its policy, its obligations arising from federal regulations regarding civil rights remain unchanged. The title of VII of the Act on civic rights of 1964 and other regulations on civil rights prohibit discrimination in the workplace, including disconnecting treatment, principles in the workplace which have unfair disproportionate effects, and the hostile work environment. Also when it comes to inclusion, and access programs.

In the LDF press release, announcing each letters, Cox He called attention Metal insert into growing violence and division in the country’s social climate.

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“LDF worked hard and in good faith with meta leadership and its consulting group for civil rights to ensure that the company’s workforce reflects the values ​​and racial warehouses of the United States and to increase the security priorities of many different communities that use meta platforms,” ​​said Cox. “Now we cannot support a company in good conscience that consciously takes steps in order to introduce changes in politics that supply further division and violence in the United States. We call the meta to reverse the course with these dangerous changes.”

(Tagstranslate) TODD A. COX (T) Legal Defense Fund (T) META (T) Diversity (T) Equality (T) inclusion

This article was originally published on : www.blackenterprise.com
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Students of young, talented and black yale collect $ 3 million on a new application

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Nathaneo Johnson and Sean Hargrow, juniors from Yale University, collected $ 3 million in only 14 days to finance their startup, series, social application powered by AI, designed to support significant connections and challenge platforms, similar to LinkedIn and Instagram.

A duo that’s a co -host of the podcast A series of foundersHe created the application after recognizing the gap in the way in which digital platforms help people connect. SEries focuses moderately on facilitating authentic introductions than gathering likes, observing or involvement indicators.

“Social media is great for broadcasting, but it does not necessarily help you meet the right people at the right time,” said Johnson in an interview with Entrepreneur warehouse.

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The series connects users through AI “friends” who communicate via IMessage and help to introduce. Users introduce specific needs-are on the lookout for co-founders, mentors, colleagues or investors-AI makes it easier to introduce based on mutual value. The concept attracts comparisons to LinkedIn, but with more personal experience.

“You publish photos on Instagram, publish movies on Tiktok and publish work posts on LinkedIn … And that’s where you have this microinfluuncer band,” Johnson added.

The application goals to avoid the superficial character of typical social platforms. Hargrow emphasized that although aesthetics often dominates on Instagram and the content virus drives tabktok, Number It is intentional, deliberate contacts.

“We are not trying to replace relationships in the real world-we are going to make it easier for people to find the right relationships,” said Hargrow.

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Parable projects carried out before the seeded (*3*)Funding roundwhich included participation with Pear VC, DGB, VC, forty seventh Street, Radicle Impact, UNCASMON Projects and several famous Angels Investors, including the General Director of Reddit Steve Huffman and the founder of GPTZERO Edward Tian. Johnson called one meeting of investors “dinner for a million dollars”, reflecting how their pitch resonated with early supporters.

Although not the principal corporations, Johnson and Hargrow based pre-coreneuring through their podcast, through which they interviews the founders and leaders of C-Suite about less known elements of constructing the company-as accounting, business law and team formation.

Since the beginning of the series, over 32,000 messages between “friends” have been mentioned within the test phases. The initial goal of the application is the entrepreneurs market. Despite this, the founders hope to develop in finance, dating, education and health – ultimately striving to construct probably the most available warm network on the earth.

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(Tagstranslate) VC (T) Yale (T) Venture Capital (T) Technology (T) APP

This article was originally published on : www.blackenterprise.com
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