Led · Series C · Jan 2026

Founded in 2021, Stoïk offers an integrated 360-degree cyber-risk platform that combines insurance coverage with continuous risk prevention, detection, and in-house incident-response capabilities. Its proprietary AI agents monitor client infrastructures, help brokers price risk, and guide response teams during attacks. The company targets small and medium-sized enterprises with up to €1 billion in revenue and now operates in France, Germany, Spain, Belgium, Austria, and Luxembourg. Stoïk partners with more than 2,000 brokers and currently protects over 10,000 businesses. The firm employs more than 130 specialists across six European countries. New capital will be channelled into enhancing its AI stack, broadening its cybersecurity and insurance offerings, and driving further expansion in Central and Southern Europe. Management emphasises disciplined financial management and intends to scale without outpacing operational needs.

Participated · Series D · Jan 2026

Alpaca operates a brokerage infrastructure API that powers fintechs, banks, broker-dealers, wealth managers, algorithmic trading firms, active traders, and crypto-native financial platforms. The company supports over 10 million brokerage accounts across hundreds of fintechs and institutions in more than 40 countries. Alpaca has expanded its regulated footprint through acquisitions, including an IFSCA-regulated broker-dealer and payment service provider in GIFT City and UK/European entities with passporting across the EEA, and has launched global equities access beginning with European equities. It has onboarded major global crypto exchanges and tokenization platforms, reported doubling revenue year-over-year for three consecutive years, and surpassed $1.5 billion in assets under custody for underlying stocks backing tokenized equities. Alpaca plans to use the new financing to accelerate its agent-first brokerage and API-first prime brokerage infrastructure to support tokenized markets and AI-native financial services.

Led · Series B · Jul 2025

Wrisk provides a purpose-built, data-driven platform that enables automotive brands and insurers to deliver embedded and branded insurance experiences across the full ownership lifecycle, from quote and bind to renewal and claims. Its proprietary embedded data framework harmonises inputs from connected car systems, telematics, transactional records and customer interactions to support pricing, claims and customer engagement. Wrisk powers programmes for BMW, MINI, Volvo, Mercedes‑Benz, Jaguar Land Rover and Stellantis, and reported triple-digit revenue growth in 2024 with more than 100,000 policies written last year. The company acts as a partner to insurers and OEMs to launch, scale and operate tailor-made regulated insurance solutions designed for multi-product cross-selling. Going forward, Wrisk is focused on expanding across Europe, investing in data and intelligence, scaling partner programmes and improving platform scalability to support OEM digitisation and changing mobility trends. Wrisk is a digital‑first B2B2C insurtech provider focused on the motor insurance space that offers an embedded, white‑labeled platform for pricing, distributing, and managing insurance products. Its customizable platform enables automotive brands to build frictionless, mobile‑first insurance experiences. The platform can be delivered as a fully managed MGA service to UK clients or licensed directly to insurance companies and enterprise partners globally. Wrisk maintains strong partnerships with global auto OEMs and insurance carriers. Its perpetual insurance platform is described as unique in the UK and enables a true subscription proposition. Flow Capital’s recent investment is intended to help accelerate Wrisk’s commercial activities, continue growth within the UK and European markets, and support further global expansion. Wrisk is a London-based insurtech that provides a customizable mobile-first insurance platform for automotive, retail, telecommunications and other brands. Led by CEO Nimeshh Patel, the company partners with insurance companies to deliver mobile-first insurance at the point of sale. It has partnerships with the BMW Group, the RAC, Allianz and Munich Re. Last month Wrisk launched a flexible monthly subscription car insurance product that allows people to pay for the miles they drive, in partnership with the RAC. The company said it will use the funds to expand operations, broaden its business reach and further scale its platform.

Led · Equity · Apr 2025

Hokodo offers a digital accounts receivable management platform that enables B2B merchants and marketplaces to provide instant and flexible payment terms. The platform consolidates payments, collections, credit insurance, fraud management and financing to facilitate instant B2B credit across sales channels. The company says its service drives customer growth by making business-to-business credit available across all sales channels. Fueled by growing buyer demand for omnichannel B2B experiences, Hokodo has recently developed new products and features for sales channels beyond online. On April 23, 2025, Hokodo raised €10M in funding. The company intends to use the proceeds to finance product innovation and increase operational capacity in preparation for a Series C round. Hokodo, established in 2018, provides a digital platform that enables B2B buyers across the UK and EU to defer payment by 30, 60 or 90 days and offers modular Pay in Instalments and Pay Now features. The platform streamlines the order-to-cash process, makes credit decisions in real time, protects merchants against bad debt, and offers working-capital finance options. Merchants that integrate with Hokodo see on average a 40% increase in revenues, and the company has processed payments for more than 50,000 business buyers. Hokodo has forged partnerships with BNP Paribas, Citi and SCOR, acquired a Lithuanian payments company in 2023 and became an EMI, and is expanding operations across Europe and North America. With a new €100 million debt facility from Viola Credit, Hokodo will facilitate more than €1.5 billion of B2B transactions over the next 24 months. The financing will support continued roll-out and expansion of its embedded Pay Later and Pay Now offerings for B2B merchants and marketplaces. Hokodo provides Buy Now, Pay Later solutions to the B2B market, enabling business customers to access instant, interest-free payment terms. The company serves merchants via online channels and is developing BNPL solutions for telesales and in-store purchases. Hokodo is a leader in the UK and is actively expanding into continental Europe. Recent merchant onboarding includes Paris Fashion Shops in France and Katoo in Spain, following earlier launches with Ankorstore in Belgium and the Netherlands. The company plans to use new funding to enter additional European markets and to build out new B2B products and channels. Hokodo is led by Louis Carbonnier and Richard Thornton and is pursuing category leadership in B2B BNPL across continental Europe. Hokodo is a fintech that enables B2B merchants to offer instant, B2C-like "Buy Now Pay Later" payment terms through API integrations. Its platform automates the order-to-cash cycle — from credit checks to collections and working-capital finance — and protects merchants against non-payments. Merchants using Hokodo report an average 40% increase in revenue. The company’s solutions are backed by Lloyd’s of London via the Channel Syndicate, a unit of SCOR SE. Hokodo targets a large Western European B2B market (>$12 trillion total, $680 billion online) and estimates a $15 billion revenue opportunity. The firm was founded in 2018 and operates with a team of over 30 people in London and Paris, with plans to double headcount by end of 2021 and grow another 100% in 2022. Hokodo makes invoice insurance accessible to SMEs by enabling protection of single invoices rather than insuring entire turnover. It uses data science and machine learning to underwrite invoice-level risk and distributes products via APIs embedded in accounting, invoicing and sales platforms. The company has developed HokoScore, a proprietary credit-scoring algorithm to help businesses assess client and supplier creditworthiness. Hokodo launched its technology in the UK in October 2018 and has established partnerships with Centrifuge and CountingUp. A €2.0m Horizon 2020 grant will fund launches of invoice protection and HokoScore in France and Germany within 12 months and will support development of two new trade credit products due by the end of 2019. Financially, the company previously raised €2.1m in seed funding led by Anthemis.

Participated · Series B · Oct 2024

Stoïk offers cyber insurance tailored to SME risk profiles alongside a prevention platform (Stoïk Protect) and an in-house incident response team (Stoïk-CERT). In April it launched Stoïk MDR, a managed cybersecurity service providing SOC capabilities to SMEs. The company distributes through insurance brokers and has attracted over 1,000 brokers across France, Germany, and Austria; its recently opened Cologne office has generated several million euros in premiums via more than 100 local brokers. Stoïk is on track by the end of 2024 to reach 5,000 policyholders, €25 million in premiums, and strong underwriting profitability. The firm recently increased its capacity to insure companies with turnovers up to €750 million and raised coverage limits to €7.5 million. Going forward, Stoïk plans to scale distribution of Stoïk MDR through partner brokers, expand its European footprint, and introduce adjacent coverages such as Professional Indemnity for specific industry verticals. Stoïk provides cyber insurance products and incident-response support specifically for SMEs, including an incident hotline. The coverage can compensate for loss of revenue (gross operating margin) during an incident and offers third-party liability for data-breach claims. Stoïk performs active monitoring such as DNS checks and scans online databases for password leaks tied to customers' domains, and runs employee cybersecurity awareness programs with phishing simulations and tutorials. The company has moved distribution off its website and sells via third-party insurance brokers. About 1,500 brokers offer Stoïk products and roughly 2,000 companies have signed up. Stoïk plans to expand into Germany as its second market and raised funding to support that expansion. Stoïk offers a combined product that pairs internal and external security and risk monitoring software with an insurance product distributed via cyber insurance broker partners, targeting underserved SMEs. The company was founded by Jules Veyrat, Alexandre Andreini, Nicolas Sayer, and Philippe Mangematin. Stoïk raised a €11 million Series A led by Andreessen Horowitz after a €3.8 million seed round less than six months earlier. The new capital is earmarked to support expansion into additional European markets via localized, regulatory-compliant adaptations. Management said the round will fund hires in commercial insurance profiles to meet partner broker demand and expansion of engineering teams to continue developing the security solutions. The fundraise responds to a surge in cyber threats — including sharp increases in phishing, identity theft, insider threats, information leakage, and ransomware — that motivated the founders to address SME needs. Stoïk offers a combined insurance product and security monitoring service aimed at protecting SMEs from ransomware and other cyberattacks. Customers sign up to a monitoring service that scans domain names, DNS records, IP addresses and public password leaks, produces a security score, and provides remediation tips. If a customer meets a score threshold and generates under €50 million in annual revenue, they can subscribe to Stoïk’s insurance product, which is sold directly to customers and on which Stoïk takes a cut. The company has a team of about 15 and is currently in a pre-launch phase with contracts that range from €50 to €400 per month. Stoïk has signed partnerships with insurance companies to design its insurance products and works with a third party, Inquest, to handle crisis management. Planned product roadmap items include adding internal-account scanning and deeper checks such as AWS configuration scans to surface additional vulnerabilities.